Ethereum (ETH) has been tethering below $3,000 for almost 2 months, struggling to reclaim All Time Highs (ATHs) in the $3,000-4,000 price range. With Ethereum’s network activity seemingly in a slump, analysts are now asking if Vitalik’s new update proposal named the Verge can send Ethereum prices back into the stratosphere.
Meanwhile, many crypto whales are turning to new altcoins with fresh narratives in search of greener pastures. One such rising star is JetBolt (JBOLT), a fundamentally new kind of token that hopes to revolutionize the cryptocurrency space by offering zero gas transactions.
The Verge Update
The Verge update is designed to make the Ethereum blockchain more secure by allowing nodes to run on devices as small as a smartphone or even smartwatch.
Simply put, this Ethereum update introduces “stateless verification” which allows nodes to run without storing the entire blockchain. This update borrows heavily from Mina Protocol, and Ethereum plans to achieve this in a similar way using Zero Knowledge (ZK) technology.
The improvement also includes changes to the gas model in the planned Ethereum Improvement Proposal (EIP-4762), nicknamed “multidimensional gas”, which creates a gas cost structure in line with the new staking features of the verge.
Diagram of the new Ethereum (ETH) gas model proposed in multidimensional gas (EIP-4762) designed to accompany the Verge Update.
Vitalik has commented stating the hope is to allow increased node operations on smaller devices making solo staking more attractive. This comes as analysts have become increasingly concerned about Proof of Stake (PoS) blockchains which are becoming increasingly centralized due to staking pools and staking services.
This update could reduce reliance on centralized staking services offered by the likes of Rocket Pool, Lido, and major exchanges like Binance and Coinbase.
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
What The Verge could mean for Ethereum price
While this kind of solo staking has seen success recently in projects like Celestia (TIA), it is still unclear how this will affect the world’s second largest blockchain and the price of its native token Ethereum. One attractive possibility is that we could see a spike in demand for Ethereum as new solo miners enter the market.
However, the most likely outcome is this update, like many before it, will have no significant short term impact on the price of Ethereum (ETH).
Yet in the longer term, as Ethereum continues its quest to provide the most efficient and secure Layer 1 blockchain, it is becoming increasingly apparent that this new found efficiency is inherently reducing the demand for Ether, which is required to settle gas fees.
Meme about Ethereum (ETH) price following reduced demand for ETH token with more updates making the blockchain more gas efficient
Ethereum (ETH) price is clearly suffering from its own technological success. This is also apparent in the Layer 2 space, where much of the on-chain activity has moved. Gas costs on these rollups are a fraction of the already decreasing Layer 1 costs. Moreover, many of these rollups are now opting to settle fees in their own native tokens such as Arbitrum, further reducing the demand for Ethereum.
The JetBolt Presale: A breakout crypto gem
Amidst the gas fueled turbulence of the Ethereum blockchain, a new contender is emerging that operates in a completely gas-free environment. This altcoin is JetBolt, a new kind of cryptocurrency that is quickly becoming the talk of the town for its ultra fast speeds and free transactions. This new token is taking it a step further by completely re-engineering the Web3 space for zero-gas.
From a fully web based and ultra friendly wallet to a developer kit that is extremely easy to implement, JetBolt hopes to build a new ecosystem of gas free decentralized applications (dApps).
With over 40 million JetBolt tokens sold to date, many whales have taken notice and started to accumulate coins. With numerous incentives to buy early including discounts, price increases, and staking rewards, JetBolt is growing steadily each day.
The JetBolt community has also seen steady growth with over 1,700 active users this month according to Dappradar.
With a new crypto bull run potentially on the horizon, application developers could turn the burgeoning JetBolt ecosystem to deliver a vastly superior Web3 experience to users.
Conclusion: Ethereum Strikes Back and JetBolt Pioneers
In conclusion, Ethereum has been a clear leader in the world of blockchain innovation. Time and time again, Ethereum has proven to be resilient and adaptable to change. However, as the blockchain becomes more and more efficient, the short term demand of its native token ETH is clearly suffering. Ethereum is being engineered to handle massive throughput in the next bull run, but in the short term this is creating a slump in price.
At the same time, new entrant JetBolt is turning the gas-fees narrative on its head, by offering completely free gas-less transactions. With a growing community and strong bullish trends, JetBolt could be the next breakout star in 2024 or 2025. If you are interested in learning more about JetBolt you can follow the links below.
Official Website: https://jetbolt.io/
X/Twitter Page: https://x.com/jetboltofficial
Telegram Channel: https://t.me/jetboltcoin
Cryptocurrencies are inherently risky. This article is not financial advice. Do your own research (DYOR) before making your decisions.
