Ethereum's Price Set to Surge Following Major Updates
Date: 2024-02-10 Author: Dima Zakharov Categories: BLOCKCHAIN
Major updates in the Ethereum network this week are anticipated to propel the value of Ethereum (ETH) to new heights. Traders and investors are optimistic about a surge in the digital currency's price in the near future, potentially reaching significant milestones by the summer of this year. Several factors contribute to this optimistic outlook.
Ethereum's Upcoming Update
Developers of Ethereum announced plans to conduct the Dencun upgrade on the mainnet at block height 8626176, scheduled for March 13, 2024, at 16:55 Moscow time. This update is highly anticipated as it integrates the proto-dank sharding feature aimed at reducing transaction costs in Layer 2 networks by providing dedicated storage space for data.
Successful Test Completion
Developers recently completed the third test upgrade, integrating Dencun into Holesky. Originally slated for implementation in late 2023, the upgrade was delayed to address technical issues thoroughly. The modernization efforts were then rescheduled for early 2024.
Introduction of ERC-404 Standard
This week saw the introduction of the experimental ERC-404 token standard in the Ethereum network. Developed by a programmer identified as acme, claiming to be a former Coinbase engineer, ERC-404 is described as a hybrid implementation of ERC-20 and ERC-721. Notably, ERC-404 tokens are not minted continuously but are burned and generated as needed based on transactions.
Popularity of Pandora Project
Virtual assets of the new Pandora project gained significant traction this week. Wallet developers Web3 Binance and OKX have already integrated support for storing and exchanging ERC-404 tokens, reflecting growing interest and adoption within the Ethereum ecosystem.
