Ethereum Celebrates Sixth Birthday, Devs Strive To Upgrade It

Ethereum celebrates sixth birthday as it was launched on July 30, 2015, but now it has become a hub for NFTs, DAOs and DeFi since its birth. However, the developers are working hard to upgrade it so let’s read more about its accomplishments in our Ethereum latest news today.

ETH is the second biggest crypto by market cap and now it is utilized by many other protocols. When it was launched, the first iteration of Ethereum was known as Frontier at that time. Now, Ethereum celebrates sixth birthday and since its birth, it became an amazing platform that even went through a hard fork and built up a market cap of $278 billion, second to BTC. This anniversary will likely be Ethereum 1.0’s last. It is set to be replaced by 2.0, a faster and more energy-efficient model in early 2022 and the upgrade became increasingly necessary as the network struggled to keep up with the success.

Last summer, Defi applications exploded after a few years in the shadows. More than $60 billion in assets are now tied with ETH-based DeFi protocols and this number was lower than $4 billion at this time a year ago. This however created plenty of problems for the network which was built to handle only 15 transactions per second. The constant use of smart contracts on the blockchain for other protocols while still welcoming, slowed down the network and increased the fees. This hasn’t stopped NFTs from making a new home on Etheruem because these were born on it.

This year, the market really took off as the NFT sales volumes reached $2.5 billion in the first half of the year, most of them funneling through Ethereum. Decentralized autonomous organizations or DAOs, also saw a resurgence. They allow people to participate in decision-making for businesses or protocols or other types of organizations by using tokens. Ironically, in 2016 a DAO known as The DAO, undermined Etheuerm’s ambitions when it hit 12.8 million Ether and got exploited. The attack stole millions of coins and led to the division of two camps: Ethereum Classic and Ethereum where the attack was nullified.

Ethereum kept the bigger share of the users and it kept its price high as well. Its value of $2400 marks a sixfold increase from last year and when the proof of stake Etheruem 2.0 arrives, it will build on the history without erasing it.

Source: https://www.dcforecasts.com/ethereum-news/ethereum-celebrates-sixth-birthday-devs-strive-to-upgrade-it/