ETH 2.0 mainly represents a transition away from mining and toward proof-of-stake, which will make Ethereum much more efficient, secure, and capable of handling high transaction volumes. ETH 2.0 has infamously been delayed several times since it was announced in 2018,and finally, it is suggested that ETH 2.0 could begin to go live during Q3 2020 according to the developer.
On June 1, Vitalik Buterin applauded the successful launch of various Layer 2 solutions on Ethereum, saying that “the initial deployment of Ethereum’s layer two scaling strategy has *basically* succeeded.” In a recent thread, he sheds light on some of the most recent developments and challenges ahead.
ETH May Rise alongside the Upgrade of ETH 2.0
While Ethereum 2.0 is still not set in stone, three key metrics showing that users and investors are optimistic about the price of ETH.
- ETH Addresses Increase
On-chain data from Glassnode shows that 40 million address are currently holding ETH. That’s an increase of more than 350% since it skyrocketed to the all-time high of around $1,400 in early 2018. The increase in Ethereum addresses indicates that more investors are buying ETH for the staking reward which will release in ETH 2.0.
- Rising Activity in ETH Network
Based on data show in Etherscan.io, the total use of gas on Ethereum has reached a record high. It suggests the level of transactions on the Ethereum blockchain network is surging in anticipation of Ethereum 2.0.
Similar to hashrate in Bitcoin mining, Gas is a token that is used to power the Ethereum network. To transfer smart contract data or payments, users need to pay a fee in the form of gas. For example, dApps that run on Ethereum and use smart contracts require gas to make the blockchain network process the information.
All the above shows that investors are confident with ETH 2.0, which also attracts new participants in the ETH market. New buying power entering the market may push ETH price to go higher. To earn money during the ETH rally, we can turn to 100x leverage futures trading.
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