- Ethereum’s ERC-4337 has been deployed on the Ethereum mainnet, implementing a new token standard on the blockchain.
- Silvergate bank’s warning about possible inquiries from bank regulators and the US Department of Justice have resulted in a vast majority of crypto clients leaving the bank.
- The FUD from Silvergate’s announcement has triggered a decline in Bitcoin and Ethereum prices, ETH nosedived 4.5%.
An Ethereum token standard ERC-4337 was quietly deployed on the mainnet earlier this week. It remains to be seen whether the deployment can aid the recovery of ETH after the decline in the altcoin’s price with uncertainty surrounding Silvergate bank.
Also read: Why analysts believe Bitcoin is going to zero, will BTC price nosedive?
Ethereum’s ERC-4337 has been deployed on the mainnet
An Ethereum network upgrade EIP-4337 quietly went live on the mainnet blockchain. The update ushers in a number of improvements for the ETH ecosystem. On March 1, EIP-4337 deployed on the Ethereum mainnet, the standard was initially proposed in September 2021.
The rumors are true... ERC-4337 has been deployed on mainnet
— erc4337 (@erc4337) March 2, 2023
Security audit by @OpenZeppelin
️ Bundlers and paymasters by @stackup_fi, @AlchemyPlatform, @biconomy , @etherspot, @candidewallet, @blocknative & more
️ $300K in grants by @ethereum pic.twitter.com/WOjMvaZe6M
The proposal describes the upgrade as an account abstraction which completely avoids consensus-layer protocol changes instead of relying on higher-layer infrastructure. Account abstraction essentially allows ETH wallets to operate as programmable smart contracts. This would enable users to recover lost private keys, among other benefits.
Silvergate FUD drives ETH price lower
The recent announcement from Silvergate bank regarding likely regulatory and other investigations from bank regulators and the US Department of Justice have resulted in uncertainty among crypto market participants.
The Fear, Uncertainty and Doubt (FUD) in the crypto ecosystem has negatively influenced Ethereum price, resulting in a 4.5% loss overnight. It remains to be seen whether the implementation of the ERC-4337 protocol will begin a recovery in Ethereum.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.