Developers Race to Upgrade Ethereum as it Clocks Six

Developers of the Ethereum blockchain areaiming to carry out a major upgrade on the platform as it celebrates six years of existence. Since its introduction on the 30th of July, 2015, Ethereum has remained the hub for NFTs, DeFi, and DAOs. With a market capitalization of $278 million, ETH has done a tremendous job in withstanding a contentious hard fork, and a catastrophic early attack.

The upgrade is deemed necessary because the second-largest crypto based on market cap is struggling to keep up with its previous success. Thus early 2022 would see the introduction of the Ethereum 2.0, which will be more energy-efficient, faster, and roomier.

Ether has been successful in retaining a large chunk of its users and also witnessed a 6x increase in value ($2,400) from the previous year. The introduction of Proof-of-Stake would improve the network’s history without wiping it off.

A whopping $60 million worth of assets are tied up in the Eth-based DeFi protocols because DeFi got a huge attention after being in the doldrums for many years. The fact that the network was built to cater to 15 transactions per second, and the continual use of its smart contracts for other protocols made the network slower and increased transaction fees.

These issues hasn’t stopped the growth of NFTs on the Ethereum network and DappRadar discloses that NFTs hit a sale volume of $2.5 billion during the first half of 2021. Decentralized autonomous organization (DAO) raised about $12.7 million worth of Ether in 2016 and was thereafter exploited. Millions of Ether were stolen and this resulted in the split of the blockchain into Ethereum and Ethereum Classic.

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