During this big correction, Bitcoin fell below 48,000, and many altcoins were directly cut in half, but Ethereum stood out and was not affected much.
In fact, the day before yesterday was already very dangerous. If there is no rebound, I am afraid that the bear market will really come. As a result, the digital currency that the Jedi fought back is under the leadership of Ethereum, and it will become green again.
Ethereum said, my benefits have not been paid out yet, how can you go bearish? The promised July is still young.
In fact, Ethereum has the best ecology in the public chain field, and with the blessing of layer2, it is likely to be just the beginning, and the follow-up is the time to explode.
Some time ago, Jiang Zhuoer posted on Weibo that he exchanged all available Bitcoins for Ethereum.
His reason is also very simple, BTC represents currency freedom, and Ethereum represents currency freedom plus contract freedom, and currency plus contract is the foundation of finance, which can derive all things, so Ethereum will have more room for development in the future .
Jiang Zhuoer must have a lot of bitcoins in his hands, and he just exchanged movable bitcoins for Ethereum, so don’t get me wrong. As investors, we still have to keep a bitcoin position. After all, bitcoin is in the No other digital currency can challenge the consensus level.
Then just last night, the price of Ethereum broke a new high, reaching US$2,700, so I set up a flag in the group. If the price of Ethereum does not rise to US$4,500 by the end of October, I will send a red envelope of 4,500 yuan in the group.
I don’t know if God V came to Shenzhen these few days. My friends in Shenzhen treated me well and ate and sang with me, so God God gave me a big gift.
Of course, these are all nonsense. I firmly predict that Ethereum will set off a wave of skyrocketing frenzy in the second half of the year, because of the implementation of expansion, and this round of good news will not be bad.
Because once the expansion of Ethereum is realized, it is equivalent to boosting the second-level rocket of the ecological DEFI, so the Lego game, which originally has infinite possibilities for innovation, does not know how many new ways to play it. There is a high probability that the benefits of capacity expansion will last for several months.
In the next round of bull market, the market value of Ethereum will definitely surpass that of Bitcoin.
Since last year, the entire blockchain has become an explosive trend, and governments of various countries are also studying how to reasonably "recruit security" instead of brutal "extermination".
Firstly, the blockchain can indeed improve the production relations of the society. It is an invention that benefits the country and the people. The main problem now is the monitoring of the flow of funds. If it can be effectively supervised, the development of the blockchain will be greatly improved. With the support of policies, the application will increase by orders of magnitude.
As the most perfect application in the public chain, Ethereum will naturally become the first choice for many ecological projects. At present, Ethereum does not lack ecological construction, but has "sorrowful troubles". The prosperity of the ecology makes the congestion problem It has become a bottleneck restricting the development of Ethereum.
But recently we have seen Ethereum really positively improving.
Since last year, the explosive growth of defi has exposed the congestion problem of Ethereum to everyone. Coupled with the popularity of NFT this year, the gas fee of Ethereum was once as high as 1500gwei, which shut out many small capital participants.
Recently, the gas has started to plummet. When I wrote this article, the average gas was only 41gwei, so the miners’ production of coins was greatly reduced. This is the real reason for the skyrocketing price of Ethereum in the past two days.
There may be many reasons for this. The long-term reason is that the rise of Binance Chain and other platform chains has attracted some traffic, but this is not the main reason. After all, Binance Chain and others have been active for several months. Gas did not drop anything;
The second reason is that this wave of big corrections has cooled down the transactions on the chain; the third reason is that Ethereum has increased the block Gas Limit.
On April 15, Ethereum implemented the Berlin hard fork upgrade at block height 12244000.
Although some Ethereum clients had bugs after the upgrade, they were quickly resolved. After the network became stable, the miners began to increase the gas limit. Currently, the gas limit has been increased to 13 million.
As the network operates for a period of time, it will continue to increase to 15 million, which is to alleviate network congestion caused by increased activity on the chain.
What is surprising is that the miners are willing to increase the Gas Limit this time to slow down the congestion of Ethereum. There is a sense of self-help. The increase of the Gas Limit has alleviated the congestion, but a large part of the miners' income comes from the gas fee.
This will inevitably lead to a reduction in the miners' coin production, but it is good for the Ethereum ecosystem. The reduction in gas and the gradual completion of layer 2 will break through the bottleneck that restricts the development of the Ethereum ecosystem. verify.
Many people may not be clear about the charging logic of gas, so I just take this time to do some popular science for everyone.
There are two types of accounts in the Ethereum network, external accounts and contract accounts. External accounts are accounts used by users and are controlled by private keys. The other type is contract accounts, which are controlled by the contract code of the project party. For a very simple example, we When using liquidity mining, it is your own account that is interacting with the contract account.
Accounts can interact at will, transfers between wallets, and calls between contracts can all be operated, but each interaction will burn gas according to the difficulty of calculation.
In order to avoid the concentration of all nodes, the blockchain that pursues decentralized architecture will strictly limit the capacity of each single block. That is, the calculation upper limit of each block, which was previously set at 12.5 million Gwei, will be gradually increased to 15 million Gwei this time.
Every interaction will consume gas, but each unit of Gas has its corresponding price. The gas price is in Wei, 1 ETH=1e18Wei, and the unit GWei we usually see is 1e9Wei. Because the number of transactions that can be processed in each block is limited, in order to allow miners to package as soon as possible, the corresponding gas fee can only be increased.
Now that the upper limit of the Gas Limit has been raised, more transactions can be completed in a single block. Of course, neither the current Gas Limit increase nor the upcoming EIP1559 solution can solve the problem of Ethereum congestion. In the short term, it still depends on layer2. In the long run, it has to be ETH2.0.
We can understand it this way, the current is the starting point for Ethereum to start again, before it was the discussion stage of the solution to the congestion problem of Ethereum, and now the solution is gradually being implemented, so in the next time, Ethereum will have a more eye-catching performance .
