At the 2024 Shanghai International Blockchain Week, Ethereum co-founder Vitalik Buterin addressed a growing concern within the network—ecosystem fragmentation. According to crypto media outlet Wu Blockchain, Buterin expressed frustration that Ethereum currently functions like “34 different chains.” This fragmentation, he warned, poses significant challenges to scalability, user experience, and cross-chain interactions.
Buterin’s Vision To Unify Ethereum With “The Surge”
Buterin responded by unveiling his plan for Ethereum’s next major upgrade—The Surge. The upgrade’s goal? To enable the network to handle over 100,000 transactions per second (TPS) across both Layer 1 (L1) and Layer 2 (L2) networks.
However, speed isn’t the only focus. Buterin emphasized that Ethereum’s L1 must retain its decentralization and security, ensuring that the network stays robust even as it scales.
A crucial part of The Surge is ensuring that some L2s fully inherit Ethereum’s foundational principles—being trustless, open, and resistant to censorship. Buterin also stressed the importance of seamless interoperability between L2s. To deliver the best user experience, interacting across L2 solutions should feel like engaging with a single ecosystem, not fragmented chains.
The Surge marks the second phase of Ethereum’s long-term upgrade roadmap. It builds on Buterin’s recent proposals for enhancing Ethereum’s Proof-of-Stake (PoS) mechanism, ensuring the network evolves while maintaining efficiency and decentralization.
ETH Price Rides the ‘Uptober’ Wave
The timing of these announcements aligns with ETH’s recent price recovery. The altcoin rebounded from early October lows, climbing to $2,631—a 10% surge in just 24 hours.
With an RSI reading of 60.50, ETH’s rally still has room for further gains. The On-Balance Volume (OBV) also reached 42.894 million, indicating that bullish momentum remains intact. If buying pressure continues, ETH bulls could soon break the $2,700 resistance level.
Ethereum’s Road to $10K?
Amid the excitement, Ryan Sean Adams, co-founder of Bankless, shared his bullish outlook for Ethereum, hinting that the asset’s long-term potential is far from realized. With The Surge and other network improvements on the horizon, Adams’ $10,000 ETH projection may not be out of reach.
Also Read: Vitalik Buterin’s Vision – Ethereum Targets 100,000 TPS In Dencun Upgrade!
As Buterin and the Ethereum community address fragmentation and scale the network, Ethereum could be poised for mass adoption and unprecedented growth.
At the 2024 Shanghai International Blockchain Week, Vitalik Buterin identified ecosystem fragmentation as Ethereum’s biggest challenge. His proposed upgrade, “The Surge,” aims to boost TPS and unify L2s while maintaining decentralization. Amid the developments, ETH’s price rallied to $2,631, with analysts predicting a bright future for the network.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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