The Ethereum Foundation, a Swiss non-profit organization created in 2014, aims to promote and support research, development, and education on the Ethereum platform. With a treasury of around 336,000 ETH, the foundation regularly awards grants to projects that make a significant contribution to the development of the Ethereum ecosystem. In 2021 alone, they allocated $26.9 million to 136 projects! 🔥👀
ConsenSys, a leading software development company, builds decentralized solutions on the Ethereum blockchain. With over 2,000 corporate clients and partners worldwide, ConsenSys collaborates with giants such as AWS, Microsoft, EY, WWF, P&G, and Hitachi. Their flagship product, MetaMask, is the largest non-custodial wallet for storing and managing crypto assets, with more than 30 million active users. ConsenSys invests its own funds in crypto assets within the Ethereum ecosystem and manages a corporate venture fund to support young projects. 💼💰
The Enterprise Ethereum Alliance, a non-profit consortium established in 2017, aims to provide organizations with the opportunity to implement and use Ethereum technology in their day-to-day business operations. The EEA connects Fortune 500 companies such as Microsoft, Intel, and JP Morgan with Ethereum experts, startups, and academic circles. Ethereum is the largest programmable blockchain in the world, leading in business, developer community, and DeFi activity. 🌐💻💰
With a strong management team in the form of the Ethereum Foundation actively working on improving the Ethereum blockchain, the future of Ethereum and its ecosystem looks brighter than ever. 🚀👨💼
Ethereum's Transition to PoS Reduces Energy Consumption by 99.95%!
In September 2022, Ethereum successfully transitioned from PoW to PoS, resulting in a 99.95% reduction in energy consumption and alleviating environmental concerns. Additionally, block rewards decreased by nearly 90%, significantly lowering ETH inflation.
As of 2022, the number of validators in the Ethereum network has grown by 79%, reaching 495,252. The amount of assets staked has exceeded 15.85 million ETH, with an inflow of around 7 million coins in 2022 alone.
Currently, Ethereum is transitioning from a monolithic structure where all transactions are processed at layer 1 to a modular model. More and more decentralized applications are launching on layer 2 networks like Arbitrum, Optimism, Polygon, and others, solving the problem of expensive and slow transfers on the Ethereum blockchain.
Many blockchains like Hedera, Celo, Avalanche, Binance Smart Chain, and Filecoin, which have been in existence for several years, are betting on compatibility with the Ethereum Virtual Machine (EVM). According to Hedera's report, "research shows that EVM is the default starting point for new Web3 developers."
It is highly likely that the future of blockchain will resemble other operating systems like Windows and Android, with one dominant ecosystem and one or two secondary ones, rather than a fragmented market of many different chains. The older Ethereum becomes, the harder it is to displace from the market.
In other news, Ethereum currently has around 122.4 million coins in circulation, with an inflationary model where new coins are emitted daily. Previously, when the network used the PoW consensus algorithm, mining produced around 13,000 ETH per day. Since transitioning to PoS in September 2022, the emission of new coins has been reduced by almost 90% to 1600 ETH per day.
Despite this, EIP-1559 is still in effect, which means that a portion of ETH coins are burned daily (referring to network fees on Ethereum). If the average gas price in the Ethereum network exceeds 16 gwei per day, more than 1600 ETH will be burned, leading to deflation of the asset.
Ethereum is set to undergo some major changes in 2023. Here's what you need to know:
🔥 Keep up with the daily burning and changing of ETH coins on this resource.
💻 The Shanghai hard fork is expected to take place in March 2023 and will allow for the withdrawal of ETH from staking.
💰 The implementation of EIP-4844 in 2023 will drastically reduce transaction processing costs in second-layer solutions such as Optimism and Arbitrum by 10-100 times, opening the door to non-financial transactions in gaming, social media, and other industries.
🔥 Deflation may be in the cards for Ethereum as the total number of ETH coins in circulation may decrease by 1% in 2023 due to the swift growth of Layer-2 solutions like Arbitrum, Optimism, and Polygon.
📈 The number of unique addresses in the Ethereum network is growing rapidly year over year.
💻 After the Shanghai hard fork is implemented, staking ETH coins will become more accessible. Currently, only 13% of ETH coins are locked in staking, whereas in other PoS networks, this figure reaches 60%. With the growth of staked coins, the market supply of ETH will decrease.
💰 2023 will be the first year in which the number of ETH coins in circulation will either remain practically unchanged or decrease (deflation).
🚀 Stay tuned for more information and analysis on these exciting developments!
ConsenSys, a leading software development company, builds decentralized solutions on the Ethereum blockchain. With over 2,000 corporate clients and partners worldwide, ConsenSys collaborates with giants such as AWS, Microsoft, EY, WWF, P&G, and Hitachi. Their flagship product, MetaMask, is the largest non-custodial wallet for storing and managing crypto assets, with more than 30 million active users. ConsenSys invests its own funds in crypto assets within the Ethereum ecosystem and manages a corporate venture fund to support young projects. 💼💰
The Enterprise Ethereum Alliance, a non-profit consortium established in 2017, aims to provide organizations with the opportunity to implement and use Ethereum technology in their day-to-day business operations. The EEA connects Fortune 500 companies such as Microsoft, Intel, and JP Morgan with Ethereum experts, startups, and academic circles. Ethereum is the largest programmable blockchain in the world, leading in business, developer community, and DeFi activity. 🌐💻💰
With a strong management team in the form of the Ethereum Foundation actively working on improving the Ethereum blockchain, the future of Ethereum and its ecosystem looks brighter than ever. 🚀👨💼
Ethereum's Transition to PoS Reduces Energy Consumption by 99.95%!
In September 2022, Ethereum successfully transitioned from PoW to PoS, resulting in a 99.95% reduction in energy consumption and alleviating environmental concerns. Additionally, block rewards decreased by nearly 90%, significantly lowering ETH inflation.
As of 2022, the number of validators in the Ethereum network has grown by 79%, reaching 495,252. The amount of assets staked has exceeded 15.85 million ETH, with an inflow of around 7 million coins in 2022 alone.
Currently, Ethereum is transitioning from a monolithic structure where all transactions are processed at layer 1 to a modular model. More and more decentralized applications are launching on layer 2 networks like Arbitrum, Optimism, Polygon, and others, solving the problem of expensive and slow transfers on the Ethereum blockchain.
Many blockchains like Hedera, Celo, Avalanche, Binance Smart Chain, and Filecoin, which have been in existence for several years, are betting on compatibility with the Ethereum Virtual Machine (EVM). According to Hedera's report, "research shows that EVM is the default starting point for new Web3 developers."
It is highly likely that the future of blockchain will resemble other operating systems like Windows and Android, with one dominant ecosystem and one or two secondary ones, rather than a fragmented market of many different chains. The older Ethereum becomes, the harder it is to displace from the market.
In other news, Ethereum currently has around 122.4 million coins in circulation, with an inflationary model where new coins are emitted daily. Previously, when the network used the PoW consensus algorithm, mining produced around 13,000 ETH per day. Since transitioning to PoS in September 2022, the emission of new coins has been reduced by almost 90% to 1600 ETH per day.
Despite this, EIP-1559 is still in effect, which means that a portion of ETH coins are burned daily (referring to network fees on Ethereum). If the average gas price in the Ethereum network exceeds 16 gwei per day, more than 1600 ETH will be burned, leading to deflation of the asset.
Ethereum is set to undergo some major changes in 2023. Here's what you need to know:
🔥 Keep up with the daily burning and changing of ETH coins on this resource.
💻 The Shanghai hard fork is expected to take place in March 2023 and will allow for the withdrawal of ETH from staking.
💰 The implementation of EIP-4844 in 2023 will drastically reduce transaction processing costs in second-layer solutions such as Optimism and Arbitrum by 10-100 times, opening the door to non-financial transactions in gaming, social media, and other industries.
🔥 Deflation may be in the cards for Ethereum as the total number of ETH coins in circulation may decrease by 1% in 2023 due to the swift growth of Layer-2 solutions like Arbitrum, Optimism, and Polygon.
📈 The number of unique addresses in the Ethereum network is growing rapidly year over year.
💻 After the Shanghai hard fork is implemented, staking ETH coins will become more accessible. Currently, only 13% of ETH coins are locked in staking, whereas in other PoS networks, this figure reaches 60%. With the growth of staked coins, the market supply of ETH will decrease.
💰 2023 will be the first year in which the number of ETH coins in circulation will either remain practically unchanged or decrease (deflation).
🚀 Stay tuned for more information and analysis on these exciting developments!