The co-founder of Ethereum [ETH]Vitalik Buterin recently commented on the next steps for the king of altcoins. While virtually attending the 2022 Messari mainnet event, Vitalik said that the next step after his successful conversion to Proof-of-Stake (PoS) was to skyrocket.
Meanwhile, this is not the first time that the head of the crypto mentioned the outbreak. On the day of the merger, Vitalik also pointed out the same thing. However, Vitalik seemed to go into more detail than during the Merge Viewing Party.
And we’re live with @VitalikButerin @zooko and @twobitidiot. It is absolutely packed with people and standing. #mainnet2022 pic.twitter.com/uo50SS9S6g
— Messari @ #Mainnet2022 (@MessariCrypto) September 23, 2022
Explosion and Balance
During the session, Vitalik mentioned that scaling has always been part of Ethereum’s plans and that the company is sticking to its roadmap. On the same topic: After UST, USDT Loses Its Peg, Why This Should Be A Big Concern For The Crypto Space. The surge, which is aimed at boosting the Ethereum network, will not be a one-time event like the merger, Vitalik said.
Furthermore, he said that scaling Ethereum is still part of the project’s plans. Vitalik also admitted that transactions could drop slightly once Ethereum passes the ramp-up stage.
“In addition to privacy, I would say scalability. The difference between a cost of $3 to send a transaction and a cost of 3 cents to send it is the difference between blockchains and their viability as a mainstream technology. »
Aim for the top, dig a little deeper for the rough
Despite Vitalik’s clarification, ETH did not seem to care. After posting lackluster post-merger performance, ETH preferred to drop again. See also: This billionaire who bought another $10 million worth of Bitcoins as markets crash. At press time, the coin was trading at $1,324, according to CoinMarketCap.
On the daily chart, it was noted that ETH was unable to hold any support it gained and could lose it at its current price. Likewise, Bollinger Bands (BB) indicators revealed that volatility was extremely high in the region.
However, the price drop did not stop ETH traders from continuing their gains. According to Glassnode, Ethereum open interest in perpetual futures hit a one-month high of $1,644,420,189.05 on the bag FTX.
On another good note, ETH seemed to thrive on the ETH 2.0 section. The leading on-chain company also showed that there was an increase in deposit contracts on ETH 2.0. As of this writing, the total value of deposits has reached an all-time high of 13,937,399 ETH.
Even with the current on-chain performance, most ETH investors would expect this to translate into better price momentum. However, it may be too soon to wait for this part. Although a change of address is never ruled out.
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Passionate about cryptocurrencies and DeFI, Thomas broadcasts international news on this topic!