- Foobar reveals Ethereum’s top priority upgrades for 2023.
- Rising gas fees spark concern among Ethereum traders.
- Ethereum’s market cap drops amidst upgrades and gas fee worries.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, is poised to make significant upgrades in the coming year. According to Foobar, a DeFi and NFT founder, the platform should prioritize transaction processing parallelization and increase the target block size from 15 million gas to 30 million gas.
ethereum should probably ship transaction processing parallelization and bump the target blocksize from 15m gas to 30m gas in the next 12 months, on top of 4844— foobar (@0xfoobar) May 8, 2023
Foobar`s tweet emphasizes the importance of Ethereum remaining a leading retail platform. It suggests solutions such as increasing the target block size, reducing congestion, lowering transaction fees, and implementing parallelization to improve transaction speed.
These suggestions notably align with ongoing upgrades like the Shapella upgrade, which aims to enhance Ethereum`s efficiency and scalability. Additionally, EIP-4844 proposes a new transaction type for Ethereum that temporarily allows “blobs” of data to be stored in the beacon node. These upgrades are essential for Ethereum to stay accessible and user-friendly as digital currencies become more widespread.
In other related reports, the rising gas fees charged for processing transactions on the Ethereum blockchain are causing concern among traders. According to Hildobby, a data scientist who shared information from Dune, the median ETH gas price hit a weekly average of 87 gwei, sparking fears of further increases.
According to Coinmarketcap data, Ethereum has had a rough day. With a current trading price of $1,844.78 and a 24-hour trading volume of $8,531,305,913, Ethereum is down 3.28% in the last 24 hours, and its market cap sits at $221,991,058,620. While Ethereum has a significant circulating supply of 120,334,908 ETH coins, investors will be watching closely to see if the price continues to dip or if it will make a comeback in the near future.
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