jakiro
Author: Kazu Umemoto, Bankless; Compilation: Baishui, Bitchain Vision
As we gather this Thanksgiving, this is the best time to reflect on what inspires gratitude – for the Bankless community, Ethereum naturally stands out like a star.
Over the past year, Ethereum has made huge new progress, upgrading from the game-changing Layer 2 to cementing its position in mainstream finance.
However, what really sets Ethereum apart from its technological and economic potential is the vision that drives it forward and the enthusiastic community that brings that vision to life.
With that in mind, let’s take a moment to highlight 5 things to be grateful for in the Ethereum ecosystem in 2024.
1) Blobspace
In March 2024, Ethereum implemented a Dencun upgrade, introducing the original danksharding (EIP-4844) and revolutionizing its scalability.At the heart of this innovation is “blob,” a new type of transaction that allows the L2 network to publish bundled data to Ethereum at a fraction of its previous cost.
Since then, transaction fees for L2 have dropped significantly, with transaction fees on some networks being reduced by 99%.This dramatic drop in costs opens the door to a wider range of users and applications from DeFi to on-chain gaming.As a result, Ethereum’s vision for a truly accessible decentralized future is closer than ever.
2) Pectra upgrade preparation
After the Dencun upgrade, the Ethereum community is not content with the status quo, it has made considerable progress in its next major evolution, Pectra.Pectra is expected to be the most ambitious upgrade in Ethereum history, launching in early 2025 with an extensive Ethereum Improvement Proposal (EIP) aimed at enhancing scalability, performance and user experience across the entire network.
For example, EIP-2537 will increase validator efficiency and reduce Gas costs, while EIP-7594 will introduce peer-to-peer data availability sampling (PeerDAS) to further optimize how L2 processes data.Another thing about Pectra is EIP-7702, which introduces a new type of transaction that allows regular Ethereum accounts to temporarily transform into smart contract wallets.
This different transformation advances the Surge phase of the Ethereum roadmap, which focuses on expanding the OG smart contract platform to over 100,000 transactions per second, with major work already underway in recent months.Salute to all participants!
3) Ethereum ETF
On July 22, 2024, the U.S. Securities and Exchange Commission (SEC) approved the first Ethereum ETF spot and began trading the next day.These products, such as BlackRock, Fidelity and Grayscale, offer a regulated and accessible way for U.S. investors without having to directly hold or manage ETHEthereum investment is available.
In addition, these ETFs have also attracted the interest of the state government.Michigan recently disclosed more than $10 million in holdings of Ethereum ETFs, becoming the first state pension fund to invest in these products.This investment is a compelling signalETH is maturing, and mainstream institutions increasingly see it as a viable long-term investment.
4) Ethereum Community
The vibrant community of Ethereum is an important part of its ecosystem, a reality that was fully demonstrated at this year’s Devcon 7 event in Bangkok, which reiterates the depth and diversity of Ethereum contributors.It is this diversity that brings us everything from fully-on-chain-generated art on Art Blocks to Justin Drake’s ambitious new Beam Chain proposal that aims to reshape the Ethereum consensus layer.
This “big tent” collective composed of builders and dreamers strives for a better and decentralized future, making Ethereum more than just a platform, but also a movement.This is the real magic here.
5) Vitalik
cutting-edge research, a lot of writing about the future of Ethereum, a lot of donations to noble causes, moderate and inspiring remarks on social media.Of course, it is hard to imagine anyone else who can embody excellence and humility like Ethereum founder Vitalik Buterin.
As speculative enthusiasm once again swept the cryptocurrency space, Vitalik acts as a beacon of clarity, urging the community to focus on Ethereum’s potential in meaningful and revolutionary innovation, not just money games.He inspires action, not despair, and continues to guide Ethereum as a platform for open collaboration and social transformation.We are very lucky to have him.
