- Ethereum has completed its second testnet upgrade.
- ETH ended the month in a downtrend.
Ethereum (ETH) is close to implementing the Dencun upgrade on its mainnet and recently activated the upgrade on other testnets.
Despite the upcoming upgrades, the network still has the majority of Total Value Locked (TVL). However, Layer 2 solutions are expected to take on an even more important role after the upgrade.
The second Ethereum upgrade activation has been successfully scaled.
Depending on the post By Ethereum Educator X (formerly Twitter) Ethereum has successfully enabled the Dencun upgrade on its second testnet, Sepolia.
This marks the second of three testnet activations planned ahead of the final activation of the mainnet.
Goerli’s initial upgrade was delayed by four hours due to a bug, which caused problems completing the testnet upgrade.
However, the second revitalization in Sepolia proceeded without any problems, increasing optimism. If Holsky’s final activation process goes smoothly, the mainnet upgrade is expected to take place in March.
The Dencun upgrade is significant as it is expected to have a significant impact on the cost of layer 2 scaling protocols within the Ethereum ecosystem.
Proto-dank sharding is designed to reduce the costs typically associated with rolling up transactions and aggregating off-chain data to submit proof of computation to the network.
Final testnet activation is scheduled for early February.
Ethereum maintains dominant TVL share.
AMBCrypto’s investigation of DefiLlama’s Total Value Locked (TVL) shows that Ethereum maintains its dominance in the decentralized finance (DeFi) space.
At the time of this writing, the overall TVL of the market was around $56.2 billion, while Ethereum’s TVL was over $31.6 billion. This shows that Ethereum accounted for more than half of the total TVL in the market.
Additionally, the stablecoin market capitalization was approximately $70 billion, reflecting its significant presence.
Source: DefiLlama
AMBCrypto’s analysis of trading volume trends shows that Ethereum’s trading activity has recently remained consistently strong, exceeding $1 billion. As of this writing, trading volume was over $1.4 billion.
This demonstrates their continued dominance in the market despite the growing popularity of layer 2 solutions.
It is important to note that the rise of layer 2 solutions is not positioned as competition to Ethereum, but rather as a complementary addition to the existing ecosystem.
How much is 1,10,100 ETH worth today?
ETH ended the month on a downtrend.
AMBCrypto’s daily timeframe chart of Ethereum shows a downward trend after trading on January 31st, indicating a downward trend for the month.
Chart analysis shows that ETH is down 2.64%, trading at around $2,281. This downward trend has continued at the time of writing, with ETH trading at around $2,271 and experiencing a loss of less than 1%.
Source: TradingView