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This digital currency will support the global financial system… not Bitcoin

Ethereum is getting ready, right BitcoinTo be the cornerstone of the future financial system.

This assertion arises from a series of developments and characteristics inherent to the Ethereum blockchain. Particularly, in light of Duncon's recent upgrade, which significantly reduced transaction fees on its network.

Ethereum is about to change everything

It's been a journey for Ethereum ETH Until 2024, it's incredible. Its market value has increased by more than 58% since the start of the year, with the NFT sector revitalized and the stable market capitalization reaching its highest levels in several years. This rise in Ethereum's popularity reflects its growing utility and adoption across various industries, from digital art to DeFi.

Additionally, the recent Duncon upgrade significantly reduced transaction costs by implementing Ethereum Improvement Proposal (EIP) 4844. This significantly reduced layer 2 transaction costs through the introduction of points of data or what we call proto-dankharding. This change also improved data availability on Layer 2 networks. This reduced gas expenses by up to 90% on some platforms.

Indeed, average transaction costs on major Layer 2 networks such as Arbitrum, Optimism, Base, and zkSync Era have seen their average transaction costs drop between 60% and 90%. These developments strengthen Ethereum's position as a versatile and efficient platform for blockchain applications.

Ethereum Layer 2 Fees After Dencun Upgrade
Ethereum Layer 2 fees after Duncon upgrade. Source: In the block

Smart contracts, characteristic of the Ethereum network, are at the forefront of this technological leap. In fact, it is the backbone of many applications. This enables seamless communication between blockchain, blockchain and other technology communications. As transaction fees decline, the adoption and development of smart contracts is expected to accelerate, driving innovation and investment.

Despite the challenges it faces, Ethereum's role in the NFT market reflects its diversity and growth potential. In addition to their association with digital art, NFTs offer unique opportunities to represent ownership and control in both the digital and physical worlds.

The recent resurgence of NFT investments, demonstrated by Hivemind Capital Partners' $50 million fund dedicated to NFTs, indicates a maturing market and expanding use cases for Ethereum technology.

“The digital art, digital culture and generative art markets today are the same as the cryptocurrency market 12 months ago. When people talk about NFTs, these three letters, people associate a lot of bad things with it over the last couple of years, and actually, it's not worth what it's worth.", like He said Founder of the Hivemind Digital Culture Fund.

The contrast between Ethereum and Bitcoin is becoming more and more stark. While Bitcoin continues to make headlines with its prices and investment flows, Ethereum is laying the foundation for a new financial system. Ethereum's commitment to innovation, scalability, and utility fosters a more inclusive, efficient, and decentralized financial system.

The Dencun upgrade and the growing Ethereum ecosystem are an example of how blockchain can revolutionize finance. Ethereum's vision of a neutral, permissionless foundation is becoming increasingly important. In particular, as the industry moves towards a modular approach, various Layer 2 and Layer 3 networks offer solutions suitable for speed, decentralization and security.

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