Ethereum L2s Growth: VanEck Eyes $1 Trillion Market Cap As ETH Stalls
04 Aprile 2024 - 5:00PM
NEWSBTC
Banking behemoth VanEck has valued Ethereum Layer-2 (L2) solutions
at an astounding $1 trillion in a daring prediction, emphasizing
the critical role that efficiency gains and scalability
improvements will play in the development of blockchain technology.
Ethereum Layer 2s Poised For Significant Increase In Valuation
According to VanEck researchers, Ethereum Layer 2 scaling networks
are expected to soar to the aforementioned market valuation by
2030. Leading the comprehensive prediction were Patrick Bush, the
senior investment analyst at VanEck, and Matthew Sigel, the head of
digital research. Related Reading: Ethereum Layer 2 Networks Just
Set A New Record Specifically, the bold forecast was carried out
while evaluating Ethereum Layer 2s in five distinct important
areas. These include Layer 2s transaction pricing, developer
experience, user experience, trust assumptions, and L2s ecosystem
size. In addition, it was made by first assessing the amount of
assets in the Ethereum ecosystem and then projecting that ETH would
account for about 60% of the market share among public
blockchains. It is noteworthy that Layer 2s, by managing the
majority of transactions off the main blockchain, addresses
scalability issues. In this case, Zero-knowledge roll-ups (ZKUs)
and optimistic roll-ups (ORUs) are the two major forms of layer 2
networks. Given the limits of the main blockchain’s transaction
processing, these L2 technologies may be able to generate more
funds than Ethereum since they handle scalability by processing
transactions off the main network. As the researchers stated, in
the future, a few general-purpose L2s will be in control, but a
plethora of roll-ups tailored to certain use cases will also arise,
making it possible to host social media networks on different
rollups. The report read: Beyond the dominance of a few roll-ups
among general-purpose L2s, we forecast a future of thousands of
use-case-specific roll-ups. These L2 will be segmented by sector,
application, or function. Other types of chains may be specifically
geared towards hosting a whole sector, such as a roll-up that hosts
a social media network, as well as applications that want to build
products and services for that social media network. This forecast
by VanEck primarily points to the possibility that L2 solutions
could perform better in terms of value than Ethereum in the next
six years. The report also claims that Layer-2 blockchains will
benefit from Ethereum’s restricted processing power, as well as its
data-storing and computation capabilities. ETH Price Experiences
Bearish Activity Presently, Ethereum’s price is declining after
failing to rise above the $4,000 mark once more. Even though the
market is currently correcting downward, a positive bounce is still
anticipated to occur soon. Related Reading: Ethereum Price Fails
Again, Signs Of More Losses Below $3,300 Compared to other notable
coins in the crypto market like Bitcoin, ETH has underperformed
over the past month. Consequently, there have been speculations
within the cryptocurrency community, if a further decline is
imminent. ETH has seen a decrease of more than 10% since March,
following a surge to $4,091 ahead of the Dencun upgrade. As of
press time, Ethereum was trading at $3,343, displaying an increase
of 1% in the past day. Its market cap is now valued at $401,42
billion, with a 1% rise in the last 24 hours. However, its daily
trading volume has plummeted by over 30%, pegging at $13,50
billion. Featured image from iStock, chart from
Tradingview.com
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