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Ethereum Last Week: Overtaking BTC, ETH 2.0, EIP-1559, And More

Ethereum Last Week: Overtaking BTC, ETH 2.0, EIP-1559, And More

With the upcoming Ethereum 2.0 attracting institutional support across the industry, the general consensus is that Ethereum might become the next Bitcoin. Let’s take a quick look at everything that happened this week with the crypto. 

Release Date Set For London Hard Fork 

The long-awaited London upgrade code was deployed to the final Rinkeby testnet this week. The hard fork set to bring in the EIP 1559 upgrade has been scheduled for release on August 4th.

Ethereum developer Tim Beiko shared on Twitter that the code had been successfully deployed to all three testnets. He also said,  

“Because of OpenEthereum being deprecated after London, a block hasn't been set for Kovan yet, and it will likely upgrade after mainnet.”

Twitter CEO Keeps Shunning Ethereum 

Jack Dorsey has always been a Bitcoin maximalist as he claims it to be the most important thing to happen in his lifetime. And even though his company Twitter released 140 NFTs on the Ethereum platform, Dorsey refuses to show the same love to the no.2 cryptocurrency. When a Twitter user said that it would only be a matter of time before Dorsey invested in Ether, the billionaire responded negatively. 

Can Ethereum Overtake Bitcoin? 

The CEO of cryptocurrency lending platform Celsius, Alex Mashinsky, has spoken about the growing market cap of Ethereum, saying that it will overtake that of Bitcoin. He talked about the trend with respect to his firm’s users, who are investing more and more dollars in Ethereum. 

During an interview with Kitco News, Mashinsky spoke about his firm Celsius, which manages about $17 billion in deposits, saying, 

“The flippening already happened. Ethereum already surpassed Bitcoin in dollar terms as the total holdings of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening also in the broader market.”

Upcoming Ethereum 2.0 Boosted; Over 6 Million ETH Staked

According to Etherscan, a total of 6.1 million EtH has been staked on the upcoming Ethereum 2.0 network, putting the value of the staked coins to $13.6 billion as of Monday. With a total of 190,946 deposits made to the ETH 2.0 contract address, excitement is on a high for the entire crypto staking industry. According to JPMorgan, the overall staking industry would feel the boost of the Ethereum upgrade and could become a $40 billion industry by 2025. 

The Goldman Sachs Brand Of Approval

Team Ethereum received another pat on the back when on Tuesday, in a report to clients, Goldman Sachs talked about the blockchain having the highest recorded real use cases. The firm also suggested a complete Ethereum dominance in the digital store soon. 

According to the mail, Goldman Sachs cited ETH’s increasing popularity to more people preferring to use Ethereum’s smart contracts. They also speculated that Ethereum might overtake Bitcoin soon to become the crypto with the highest market cap. 

Swiss Bank Sygnum To Offer Ethereum 2.0 Staking

The Swiss-based Sygnum Bank will become the first bank to offer ETH 2.0 staking to its clients. The bank has announced that its customers will soon be able to conveniently and securely stake Ethereum 2.0 through its institutional-grade banking platform and generate upto 7% yearly yield. The exponential growth of DeFi, which is powered by the Ethereum network, has been a major contributing factor in the growing demand for staking platforms for ETH

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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