Cryptocurrency news

Tom Ngo: “The Dencun update will be the basis for global Ethereum penetration”

Bits.media / 28.03.2024 / 13:20
Tom Ngo: “The Dencun update will be the basis for global Ethereum penetration”
The CEO of investment firm Metis said that the latest upgrade to the Dencun Ethereum network could benefit traditional financial services companies dealing with the cryptocurrency industry.

Tom Ngo believes that the implementation of the update can be considered a big step towards large-scale implementation of more secure and predictable transactions by companies.

This is one of the most significant updates for L-2 networks, as it reduces gas fees, the businessman is convinced. The high transaction costs associated with Ethereum have been one of the biggest challenges to international adoption of the network by customers for whom every cent matters.

However, Tom Ngo notes, despite the reduction in transaction fees on L2 networks, Dencun has not solved the problem of high costs on the main network. This may be one of the reasons why second-tier solutions are attracting more customers and funding.

The total blocked value of assets in L2 protocols, according to the L2Beat platform, reached $39.6 billion. This is four times more than in 2023 ($10.3 billion).

Ethereum blockchain developers activated the Dencun (Deneb-Cancun) hard fork on the main network in mid-March. In the Base network, the daily number of transactions increased fivefold after the Dencun update, and at the same time the number of new users increased.

Source
Recently News

© Token Radar 2024. All Rights Reserved.
IMPORTANT DISCLAIMER: All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.