We know that the Ethereum Foundation has phased out ‘Eth2’ because it was merged with Eth1 into a single chain. And while that happened, a crucial hard fork under ‘The Shanghai’ is forming Ethereum. But what is the way forward after the merger? In a recent interview, co-founder Vitalik Buterin explained the different elements of the Ethereum Roadmap.
“The first was The Merge. The second is The Surge, which is sharding and some scalability stuff.
Lots of progress along the way
And following the closing of the merger, Buterin noted that all accounts, contracts and transactions will run on the PoS chain rather than on PoW.
“We already have a network, we already have Kintsugi. Been running for six weeks now and the only and most important thing I haven’t tested yet is optimistic synchronization.”
We know that the Ethereum Foundation was in the news recently after announcing the Kintsugi Merge Testnet in December. The main purpose of the testnet was to experiment and identify issues with post-merge Ethereum. And as the Ethereum Mainnet merges with the Beacon Chain, Buterin has emphasized more on the third phase under ‘The Verge’.
He explained that the stage is about the Verkle tree, a technology that makes it easier to verify the Ethereum chain and run a node.
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Moving forward, he added,
“The fourth is The Purge, which is to remove some historical stuff and some things in protocol that we used before but are not needed now. Simplify the Ethereum protocol.”
Increasing TPS a priority
However, major upgrades from 2021 are proving to be the backbone of the road ahead. Buterin remembered that the hard forks of Berlin and London were the most important. As for the London hard fork EIP-1559 upgrade, it was not only aimed at lowering transaction costs, but ultimately accelerated transaction speed, according to Buterin.
So far, after the London upgrade, Ethereum appears to have burned 1,792,379 ETH at press time. And it will also brace itself for the difficulty bomb inked for June 2022. According to the director,
“Naturally, [Difficulty Bomb] it can be postponed if it is really necessary, but we are still under some time pressure.”
It should also be remembered that the date of the EIP-4345 Difficulty Bomb was also pushed back earlier. It was scheduled to launch in December 2021 and then roll over to May 2022. However, as Ethereum moves up the ladder, PBS appears to be in focus according to Buterin. In the context of the roadmap before us, Buterin explained:
“Fifth is The Splurge, which includes all the other major upgrades such as account abstraction, PBS (PBS is a topic we’re focusing on right now), EVM upgrades and more. But if we merge and do sharding well, we solve the biggest and most important problem.”
Still the altcoin king
Shifting in terms of Ethereum’s price action, it appears to be heading for a recovery. At the time of writing, Ethereum was above the crucial USD 3K level, but remained weak on the 24-hour chart. Ethereum, which was once a DeFi market leader, is also quickly losing TVL territory to its competitors.
On DeFillama, Ethereum now only dominates about 61% of the total value that is locked.
Source:Defillama
This post Why It’s Not Finished And Dusted After ‘The Merge’ For Ethereum
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