Ethereum’s scaling efforts have been a topic of discussion within the crypto community, with some questioning the impact of recent upgrades like the Pectra upgrade. Kyle Samani, a partner at Multicoin Capital, has raised concerns about these efforts, suggesting that they may be zero-sum. In a recent post on X (formerly Twitter), Samani pointed out Base as a key beneficiary and competitor to Ethereum’s Layer 1 (L1) scaling solutions.
According to Samani, focusing on scaling Ethereum’s L1 won’t necessarily address the underlying issues with the platform. He believes that developers are more inclined to build on Base, which he sees as having a more promising future compared to Ethereum’s L1.
It’s worth noting that Multicoin Capital has a significant investment in Solana, which raises questions about the impartiality of Samani’s criticism. However, data from Electric Capital’s developer count report shows that Base accounts for a substantial portion of new code being written in the Ethereum ecosystem. Base, as an Ethereum Layer 2 (L2) solution, offers faster transaction speeds and ranks third in throughput after Solana and Internet Computer (ICP).
Despite concerns about Base posing a threat to Ethereum, Base founder Jesse Pollak has dismissed these notions. He emphasizes the value that Base brings to the Ethereum ecosystem, highlighting the millions of users and developers that are being onboarded onto the platform.
While Ethereum still maintains a significantly higher total value locked (TVL) compared to Base, the L2 solution has surpassed Ethereum in terms of address activity. Additionally, Base has made strides in fee revenue and decentralized exchange (DEX) volume, as shown by data from Artemis.
On the price front, Ethereum has seen a notable 38% increase in the past 48 hours, reaching a two-month high of nearly $2.5K. If the current risk-on sentiment persists, ETH could potentially target $2.7K and $2.8K next, with these levels serving as key resistance points on the price chart.
In conclusion, while Ethereum’s scaling efforts face criticism from some quarters, the platform continues to show resilience and potential for growth. The competition from solutions like Base may pose challenges, but Ethereum remains a dominant force in the crypto space, with its price performance reflecting investor optimism. With the rise of technology and the internet, the way we consume information has drastically changed. Gone are the days of relying solely on newspapers and television for news updates. Now, with just a few clicks, we can access a wealth of information from all over the world in a matter of seconds.
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