The native cryptocurrency of the platform is called Ether (ETH) and it is used to pay for transactions, gas fees, and as a store of value. The platform allows developers to build and deploy decentralized applications (dApps) that can run on the Ethereum network. It is built on the idea of smart contracts, which are self-executing contracts that automatically enforce the rules and terms of an agreement between parties. (About Ethereum) Ethereum is a decentralized, open-source blockchain platform that was first introduced in 2015. Ethereum's slow relatively slow transaction speeds have long been a complaint of many users of the network, and speeding up its transactional throughput could result in an increase of the network's adoption. After the Shapella update, the next major update for Ethereum will likely revolve around the highly anticipated implementation of what’s known as “sharding” – a process which will improve the network’s scalability and transaction speeds. Although most users won’t notice a major difference in the cost of gas fees. The next step The Shapella update didn’t just unlock the ability for users to withdraw staked ETH, it also made various other improvements to the network such as optimizing the amount of gas fees involved in certain kinds of transactions. One exchange in particular, Kraken, initiated over $1bn worth of ETH withdrawals when the upgrade was implemented. This means that the potential for further ETH price movements as more tokens are withdrawn in the months ahead remains high. The Shapella era Although substantial quantities of ETH have already withdrawn from staking contracts, there’s still around $36.5bn worth deposited – which accounts for more than 15% of Ethereum’s total token supply. Since the Shapella update, Ethereum options contracts have come to represent around 60% of total crypto options activity. More tellingly however, over $1.23bn worth of Ethereum options contracts have been exchanged across crypto exchanges from Thursday to Friday. Ethereum’s next major update will likely deal with implementing ‘sharding’ which will improve the network’s scalability.Įthereum’s Shapella update which took place on Wednesday last week is already having an effect on the markets, with ETH having risen by more than 10% since it took place.Options trading activity related to Ethereum also saw a significant increase last week.Ethereum’s most recent update is causing a surge in the price of ETH, reaching $2,130 on Friday.ETH/USD: Ethereum Price and Options Trading Surge After 18m ETH Unlocked
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