The Istanbul upgrade is expected to give Ethereum’s price a little boost since the price has been in a very unfavorable position despite the solid fundamentals and its decentralized finance ecosystem. In today’s Ethereum news we see if this is possible.
The second-largest cryptocurrency is now trying to move independently and the analysts are wondering whether the Istanbul upgrade can help. Ethereum is in a really bad position price-wise since it dumped more than 60 percent as the year started. Since the all-time high, ETH is down by more than 90 percent and the price even wiped out pretty much all of the gains and returned to levels traded in early January.
The ongoing issues on social media are also detracting from the big picture which is showing the financial independence from the governments and the banks. The Bitcoin maximalists are labeling it a scam and they bring the entire scene into the mud of problems as the fights continue and Buterin noted:
‘’Anyone claiming Ethereum is ‘’reckless’’ and bitcoin maximalism is somehow ‘’responsible’’, I invite you to find even one tweet where I say anything remotely like this with ETH.’’
Ethereum and Bitcoin both serve two different goals since one is a store of value and the other is a Dapp platform and DeFi investment platform. Both represent a hedge against the current failed system and this is one of the issues that the twitter rivals fail to acknowledge or even focus slightly. The Ethereum network is under major upgrades and will continue to be so in the following year but the question remains whether they will be enough to address the issues and provide a solution to the awaited migration to the ETH 2.0.
Before anything happens further, the Istanbul upgrade is expected to be rolled out and it is scheduled for next week according to the countdown. There will also be six improvement proposals implemented in the latest upgrade that will focus on security, network costs, and interoperability. The interoperability with Zcash is addressed with the security improvements and the four EIPs that deal with the gas cost reduction on the network. There will also not be an effect on the wallets with this update since it is only a precursor to the larger ones that are scheduled for next year.
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