Springboarding Crypto Into The Future: The Shanghai Upgrade
After a historically turbulent few weeks, the majority of #investors remain curious about what the future holds for global markets -- with #crypto standing at the forefront of many of these conversations. And while we can’t say exactly what next year will bring for certain, we can say that the persevering spirit of #blockchain #technology and its communities are sure to stick around. We sat down with 21Shares Research Associate, Leena ElDeeb to hear what she thinks will impact the movement of crypto markets most next year. Outside of federal policy shifts, the ongoing conflict in Ukraine, and the decoupling of the equity market, Leena mentions one other major initiative that will positively springboard crypto into the future: the long-anticipated Shanghai Upgrade.?
For those who may be unfamiliar, the Shanghai Upgrade is a major update to #Ethereum focused on addressing the community's concerns about building better, more efficient technology. This upgrade is set to introduce elemental changes to the blockchain and reduce gas fees. Though the Shanghai Upgrade is not expected to occur until the second half of 2023, it has been top of mind for Ethereum developers and supporters for some time. This past month, developers decided on eight Ethereum Improvement Proposals (#EIPs) that the anticipated hard fork – the Shanghai Upgrade – will aim to accomplish. Favorites amongst investors include the implementation of Beacon Chain withdrawals, the successful leveraging of proto-danksharing technology, and the enhancement of the Ethereum Virtual Machine (EVM). Leena ElDeeb covers the motivation and purpose behind these main EIPs in her video ‘Expanding on 3 Major Factors Impacting Crypto in 2023’, linked below.
https://bit.ly/3v0mEx9
Together, these EIPs are part of the larger initiative to transition Ethereum into a future-friendly technology solution where gas fees are lower, transaction speeds are higher, and top-notch security is implicit. The introduction of these changes not only address the long-held concerns from the Ethereum community, but also paints a promising picture of #cryptocurrency's #future.
Massive improvement projects like the Shanghai Upgrade highlight the potential for crypto to create a better future and will have an incredible influence in expanding the industry. For both die-hard Ethereum supporters and crypto-curious onlookers, the successful completion of a project of this size will surely have an immediate effect on the narrative surrounding the crypto industry -- as well as the potential to impact price movement.
For additional information about major developments that we are watching in 2023, hear directly from the experts by watching Leena ElDeeb 's video, and subscribe to our free weekly research newsletter!
The full video: https://bit.ly/3v0mEx9
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Additionally, be on the lookout for our eighth edition State of Crypto Report -- highlighting our 2023 market predictions and research focuses. What are you looking forward to in the future of crypto? Let us know!
This information is not financial advice. The information contained herein may not be considered as economic, legal, tax, or other advice.? The information provided in this post also does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy financial instruments in any jurisdiction.