- Ethereum fees declined significantly and hit its lowest point in over a month
- Developers continued to work on the Pectra update, with the testnet expected to launch next week
As a researcher with extensive experience in the cryptocurrency market, I find it intriguing to observe Ethereum’s recent developments. The sharp decline in Ethereum fees is a noticeable trend that has emerged since May 2024, hitting its lowest point in over a month (Woominkyu’s analysis). This decrease could be indicative of less network activity on the Ethereum blockchain, which might have contributed to the overall decline in interest in the Ethereum ecosystem.
Over the last week, Ethereum’s price has experienced a notable increase, surpassing the $3,000 mark. This uptick has sparked optimism amongst investors. However, despite this price growth, there has been a decrease in overall engagement within the Ethereum community.
Gassed out
As a crypto investor closely following Ethereum’s trends, I’ve noticed an intriguing analysis by Cryptoquant’s expert Woominkyu. His assessment of Ethereum gas fees indicates a noticeable decrease since May 2024, marking their lowest point in quite some time. This observation implies a less bustling phase of network activity on the Ethereum blockchain currently.
An analyst’s graph depicted the Ethereum gas fee (measured in Gwei) in shades of blue, while the black line represented Ethereum’s price movement. In the past, high gas fees have frequently occurred during times when Ethereum experienced price surges.
New developments underway
Despite a perceived decrease in enthusiasm for Ethereum’s ecosystem, potential new advancements on the Ethereum network could draw fresh attention from users.
On July 11, Ethereum developers held a discussion about advancements in the development process of the Ethereum network. The main topics under consideration were the progress of testnets Pectra and PeerDAS. Developers expressed optimism about launching Pectra within the week, while addressing any lingering concerns related to PeerDAS. PeerDAS is a novel approach being investigated to enhance Ethereum’s scalability. In simpler terms, it’s an experimental method aimed at making the Ethereum network more efficient.
Moreover, the Pectra testnet initiation process is currently in motion. We’re running tests on multiple client configurations to guarantee a seamless transition. Furthermore, we’re making good strides in incorporating the EthereumJS client into our testnet.
Concurrently with the advancement of Ethereum’s testnet, efforts are being made to explore potential weaknesses within its client software. To address this, a tool is being created and fine-tuned with the primary objective of bolstering network security by pinpointing these vulnerabilities.
Read Ethereum’s [ETH] Price Prediction 2024-2025
The main objective of the Pectra update centers around modifying the threshold for blob gas. Blobs represent pieces of data that undergo processing outside the Ethereum network, enhancing its scalability in a seamless manner.
The Pectra upgrade intends to improve data processing efficiency and possibly boost network performance by adjusting the gas limit for blob transactions.
How is ETH doing?
At press time, ETH was trading at $3,139.96 following a 2.23% hike in the last 24 hours.
It’s important to note that the trading volume for Ethereum also decreased by 26.55% during the same time frame.
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2024-07-13 19:03