⚡ Upgrade Dencun: A New Era for Ethereum with Almost Free Transactions!
Welcome to the Daily Tribune, Thursday, March 14, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, March 14, 2024, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24-hour crypto summary ! ⏱️
🚀 Ethereum: Dencun is live!
Blockchain innovation reaches new heights with the arrival of Dencun, the long-awaited upgrade of Ethereum. This advancement promises to revolutionize the experience of cryptocurrency users by reducing transaction fees to almost zero, thanks to the major development of Proto-Danksharding. Dencun concretizes years of hard work by developers, marking a crucial step towards removing the financial barriers that have hindered the mass adoption of Ethereum. The Proto-Danksharding, at the heart of this transformation, promises unprecedented scalability by reducing transaction costs on layer 2 scaling networks (L2) to nearly insignificant levels.
With the introduction of Dencun, Ethereum is preparing to eliminate expensive fees, making smooth and affordable transactions possible for everyone. Imagine making exchanges, loans, or borrowings without worrying about exorbitant fees. This upgrade will even enable certain projects to offer support for residual fees. The Proto-Danksharding, an innovation initiated by Vitalik Buterin in 2019, reconfigures the storage and reading of data on Ethereum by dividing them into "shards" for parallel processing.
This technological leap paves the way for unimaginable scalability, with the promise of an Ethereum capable of handling millions of transactions per second with hardly any noticeable fees for the user. Dencun marks the beginning of a new era for Ethereum, liberated from gas constraints and ready to welcome limitless adoption.
🐋 Mysterious surge of new Bitcoin whales!
As Bitcoin reaches unprecedented heights, surpassing its historical records, a curious trend is observed among investors. Contrary to expectations, the number of new Bitcoin millionaire wallets is increasing at a slower pace than during previous market peaks. This moderate growth could suggest a more cautious and measured approach by experienced investors. The introduction of Bitcoin ETFs is likely playing a role in this dynamic, offering an investment alternative that may attract those who prefer indirect exposure to Bitcoin rather than directly holding the cryptocurrency.
Despite a significant increase in the price of Bitcoin, which has crossed the $72,000 threshold, the number of new Bitcoin \"whales\" seems to be adopting a more thoughtful investment strategy. With only 1,500 new millionaire wallets created daily, the phenomenon is far from the levels observed during the 2021 boom. Are seasoned investors now more cautious? Are they waiting to see if recent gains will hold before investing further?
The demographic evolution of Bitcoin whales suggests a maturing market, where large holders become more strategic and perhaps more institutionalized. This shift reflects a transition from wild speculation to a more calculated and strategic adoption by institutional investors and family offices. This maturation can lead to greater stability in the Bitcoin market, making it more attractive as a long-term asset class for portfolio diversification.
🌐 Russia fully embraces the crypto revolution for its foreign trade
On March 11, a law was enacted by Russian President Vladimir Putin, marking a major step in the integration of digital assets and CBDCs (Central Bank Digital Currencies) into Russia's international trade. This law explicitly aims to bypass Western sanctions, allowing Russian companies to use these digital payment methods to facilitate their commercial exchanges with allied countries. The rapid adoption of this bill by the Russian Parliament, with notable support from the Financial Markets Committee of the State Duma, underscores the sense of urgency felt by the Russian government to diversify its international payment mechanisms in the face of increasing economic pressures.
The implementation of this law gives the Central Bank of Russia extensive regulatory power over the digital payment sector, positioning the institution as the main regulator and exclusive issuer of the digital ruble. Digital Asset Financial Issuers (AFIs) and companies using AFIs and CBDCs for international payments will be required to register in a new dedicated information system, facilitating effective regulatory oversight.
This innovative legislative framework not only opens the door to increased use of digital currencies in Russian foreign trade, but also lays the foundation for greater financial sovereignty for Russia in the face of international restrictions.
💸 Elon Musk compares the dollar to a "Shitcoin"
Elon Musk has once again shaken the financial space by sharing a provocative tweet on X (formerly Twitter), a platform he owns. This tweet, criticizing traditional monetary systems, suggests that the US dollar possesses the same flaws often attributed to shitcoins, namely massive circulation, centralized control, and unequal distribution of wealth. By associating the dollar with a "shitcoin," Musk highlights the inconsistencies of the dominant discourse, which tends to present fiat currencies as inherently more reliable than cryptocurrencies.
By questioning the perceived reliability of traditional currencies compared to cryptocurrencies, Musk encourages a reconsideration of dominant economic paradigms.
Elon Musk's vehement criticism of the dollar, comparing it to a "shitcoin" goes beyond mere provocation. It highlights the intrinsic fragility of fiat currencies in a rapidly changing world.
Cryptocurrency of the day: Jupiter (JUP)
Jupiter (JUP) is a cryptocurrency launched in 2024, operating on the Solana platform. This project stands out for its innovative approach to decentralized exchanges (DEX) and decentralized finance (DeFi), focusing on cross-chain solutions that enable smooth transactions between different blockchains. With a current supply of 10 billion JUP, of which 1.35 billion are in circulation, Jupiter aims to provide significant added value in the DEX sector through its unique features and integration within the Solana ecosystem.
The native currency JUP plays a central role in the Jupiter ecosystem, serving as a utility token that facilitates transactions, exchanges, and other specific functions within its platform. Its distribution was designed to ensure broad accessibility while rewarding active participants in the ecosystem. JUP holders benefit from several advantages, such as transaction fee discounts, governance rights, and the ability to participate in liquidity pools. This economic model not only aims to reward participants but also to encourage broader usage and adoption of the Jupiter platform.
Recent Performance
Current price: $0.9359 USD
Percentage increase/decrease: 10.68% (1-day increase)
Market capitalization: $1,263,468,364 USD
Rank on CoinMarketCap: #93
Dencun Upgrade and Proto-Danksharding: A True Revolution for Ethereum
March 13, 2024 marks a historic date for Ethereum with the launch of Dencun, a groundbreaking upgrade that promises to radically transform the user experience on the blockchain. Thanks to the innovation of Proto-Danksharding, this advancement is poised to break the chains of prohibitively high transaction costs, opening the way to an era where conducting exchanges, loans, and borrowings without worrying about fees becomes a reality.
But what is Proto-Danksharding exactly?
Proto-Danksharding, introduced by Ethereum Improvement Proposal (EIP) 4844, is an intermediate step towards Danksharding, a major evolution designed to increase Ethereum's scalability and reduce transaction costs, especially for operations on layer 2 rollups. This proposal aims to improve the way data is stored and processed on the Ethereum blockchain by introducing a new type of data called \"blobs\" (Binary Large Objects).
The main functionality of blobs
Blobs are sets of large data that can be temporarily included in Ethereum blocks without being directly accessible by the Ethereum Virtual Machine (EVM). Unlike traditional transaction data that remains on the blockchain indefinitely, blobs are designed to be ephemeral. They are automatically removed after a fixed period, which can range from one to three months. This feature addresses the need for rollups to temporarily have data on the blockchain to ensure their operation while avoiding overloading the network with unnecessary information.
Impact on Scalability and Costs
Proto-Danksharding allows for a significant reduction in transaction fees for operations performed via rollups by optimizing the use of block space and reducing the amount of data each node needs to store and process. By lightening the burden on nodes and leveraging horizontal scalability through blobs, this proposal paves the way for a massive increase in the number of transactions the network can process per second. This not only makes transactions faster but also considerably cheaper, facilitating wider adoption of Ethereum for various applications.
Towards Danksharding
Although Proto-Danksharding is an important step, it represents only the first phase towards the full realization of Danksharding. The ultimate goal is to enable Ethereum to support hundreds, or even thousands, of parallel-running rollups without compromising the network's performance or security. This is envisioned as a sustainable solution to Ethereum's scalability challenge, laying the groundwork for a future where the blockchain can efficiently process millions of transactions per second.