London’s successful activation on Ethereum coincides with Cardano’s plans to end the Goguen era and activate smart contract functionality.
Londonone of the most important upgrades of the Ethereum network, was successfully activated last Thursday, causing the price of the cryptocurrency to break above the $3,000 per unit level again. Meanwhile, the developers of Cardano, one of the networks blockchain which is built as a competitor to Ethereum, is close to concluding its Goguen era and activating the functionality of smart contracts (smart contracts) on the blockchain network.
In the case of Ethereum, the developers of the network had been facing great difficulties, due to its massive adoption and use. The high gas costs and transaction completion times in Ethereum made many projects and users migrate to other more scalable and economically accessible blockchain networks.
For this reason, with the arrival of London, the use of the Ethereum network skyrocketed again, making the value of its cryptocurrency grow above the $3,000 per unit, CoinGecko data shows at press time.
The activation of London and the growth in value of ETH coincides with the plans Cardan (ADA), the fifth largest cryptocurrency in the industry, to conclude its Goguen era with the latest phase of the Alonzo upgrade, which will activate smart contracts on the network. This functionality is one of the most anticipated by the Cardano crypto community.
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More than 15,000 ETH burned from London
Since last Thursday, the Ethereum network has burned 15,042 ETH in commission fees, data shows. data from the Ultrasound.money portal, which is tracking the projects that ethereum users are interacting with the most.
Source: Ultrasound.money
In the crypto industry, “burning” is the act of sending cryptocurrencies to an address that no one has access to or control over, so the sent cryptocurrencies are out of circulation forever. Through London, which in turn activated the improvement proposal EIP-1559, the developers launched the burning of gas fees from miners as a way to reduce the current supply of ethers in the market, in the medium and long term. This action will make the cryptocurrency a new asset with a deflationary tendency, which will grow in value exponentially in the future.
Ultrasound.money shows that gas fee burning is happening mostly on OpenSea, the token market NFT largest volume to date.
London is a hard fork designed to increase the efficiency of Ethereum and improve its scalability. Also, this update begins to prepare Ethereum for the merger with Ethereum 2.0, the optimized blockchain network based on Proof-of-Stake that developers are preparing to replace miners with validators, reduce power consumption, provide a high level of scalability, security, and efficiency, and offer better performance options for everyone.
More than $7.6 billion in volume
Since London’s activation, Ethereum’s on-chain adjusted volume grew by 18.7%, topping $7.6 billion, data from The Block Research shows. As of Wednesday, August 4, the network’s on-chain adjusted volume was approximately $6.3 billion, so at press time it has grown by approximately 3.75% daily.
This metric refers to the amount of value that moves in daily transactions through this blockchain network. At press time, Etherum is dominating 19% of the crypto market and its total capitalization exceeds $351.7 billion.
Cardano, competition against Ethereum
Cardano, considered the first scientific blockchain in the crypto world, is strengthening its competition against Ethereum. Although it has suffered some delays, the developers of this blockchain reported they hope to finish the Alonzo update this month to give rise to smart contract functionality and enable the creation of decentralized applications (dapps) highly scalable.
Alonzo is the latest update to Cardano’s Goguen era, which is part of its current development, and will move Cardano towards a more robust, secure, and scalable network. Cardano announced this weekend the successful creation of Alonzo Purpure, the latest phase of this upgrade to bring smart contracts.
The developers of this blockchain, led by Charles Hoskinson, a former Ethereum developer, want to make Cardano a blockchain with an unprecedented level of scalability, in addition to the fact that interacting with it does not require gas and, therefore, its transactions. they are much faster and cheaper than Ethereum.
At press time, Cardano shows a market capitalization of $45.38 billion, while the total ADA staked across different pools and pools exceeds 71% of the total issuance of the cryptocurrency.
Continue reading: Competition against Ethereum from Cardano and Polkadot intensifies and strengthens
