Milestone Reached
The Ethereum ecosystem is thriving, with over 10 million wallets actively engaging with the mainnet and layer-2 solutions like Base, Optimism, and Arbitrum. This milestone is thanks to the successful Dencun Upgrade in March 2024.
Dencun’s Impact
Dencun addressed scalability and gas fee challenges by introducing “blobs,” a new transaction type that stores data outside the Ethereum Virtual Machine (EVM). This streamlines block verification without compromising data availability.
Layer-2 Growth
Dencun’s enhancements have made layer-2 transactions cheaper, attracting new users. Layer-2 platforms like Arbitrum and Optimism have seen double-digit growth in the past week, with over $39 billion in assets under management.
DeFi Boom
Decentralized finance (DeFi) protocols have also seen a surge in TVL, from $20 billion to over $54 billion in the past six months.
Challenges Ahead
Despite these advancements, Ethereum still faces challenges with scalability and gas fees during usage spikes. However, supporters remain optimistic that as crypto prices stabilize, more users will explore Ethereum’s ecosystem.
