Ethereum INSANE Rally Incoming (3 Reasons to Buy ETH NOW!!!!!!!)

things behind the scenes are really starting to heat up for ethereum in fact it's getting so hot that you could say it's burning with the introduction of a few new upgrades and scaling solutions deering will not only be cheaper faster and easier to use but will also become ultrasound money and spark a reduction in supply that many aetherians are calling the triple having find out why let's get it welcome to bit boy crypto home of the bit squad the largest crypto community in all the interwebs my name is ben every day on this channel i show you how to make money in crypto if you like money and crypto then make sure to hit that subscribe button in this video we're going to be talking about some upgrades that are coming to ethereum and explore some of the implications that these upgrades could have on the network and its native asset as we all know ethereum has struggled with congestion issues for a long time and that's an understatement leading to high fees slow transaction times and a user experience that can be a bit frustrating this is what revolutionary technology usually looks like when it's starting out though back in the early days of the internet the user experience was pretty rough too we had analog boxes that literally screamed data at each other just to pull down a video of a dancing cgi baby sometimes took minutes just to load an email despite all the challenges that came along with using the internet at that time it was so interesting and offered so much opportunity that it attracted large investments teams of very smart developers and a culture of true believers who helped push this new and strange technology to mainstream adoption sound familiar we're watching the same thing play out across the crypto markets today especially when it comes to ethereum the og smart contract blockchain ethereum is about to go through a transformation that is similar to the leap we saw from dial-up to broadband internet do you remember what happened when people finally got access to broadband the floodgates opened the internet exploded in popularity and inspired a variety of new use cases that changed the world forever cat videos replaced dancing baby videos as they flooded our email inboxes with stupid cat antics is there another kind of cat antic the rollout of layer 2 solutions or ethereum will be very similar to this turning point just with less cats there are a few different teams working on a few different layer 2 solutions some of them are already live and ready to use while the others are still in the final phase of testing and are scheduled to launch any day now developers or many of ethereum's most popular applications seem to be putting their products on as many layer 2 networks as possible which means that users will be able to pick and choose which one they want to use uniswap for example will be available on both arbitrom and optimism two competing solutions that will provide very similar benefits for their users initially uniswap was only planning on launching on optimism which makes sense considering that both projects share some big investors andreessen horowitz a huge vc whale that quite possibly could be run by lizard people is one of uniswap's backers and also heavily invested in optimism however after optimism delayed their launch back in march uni token holders voted to push uniswap to support arbitrom's layer 2 solution which was expected to be ready much sooner so now ethereum's top decentralized exchange will be deployed on both networks another win for decentralization unfortunately uniswap users still don't have access to either one of these second layer solutions but developers are working on the test net now so you should be live very soon with all this attention on unit swap many people don't realize that there are a variety of layer 2 solutions that are already up and running loopering for example one of the first movers in the layer 2 race already has an active decentralized exchange with a broadband blockchain experience on dydx divy degens can leverage trade on layer 2 directly from their ethereum wallets without paying massive gas fees numerous ethereum based games like gods unchained and axia infinity have already launched on layer 2 solutions as well polygon the artist formerly known as matic also gives us a glimpse into what the experience on ethereum's second layer will look like on polygon you can already swap tokens and interact with some of ethereum's biggest d5 applications with extremely low fees and near instant transaction times it's important to mention the polygon is technically considered to be more of a side chain than a layer 2 in its current form but the team has publicly stated their intention to use optimistic rollouts in the future which would further align polygon with the ethereum network the other big change coming to ethereum is eip-1559 the update that will fix some problems with the v-structure in the ethereum network making it easier for the average person to use it and reduce the circulating supply over time eip-1559 is actually a package of a few different upgrades but the one that has everyone so excited is the feed burning mechanism that will be added to the tokenomics after this update is implemented a portion of the gatsby will be burned during every transaction which takes a little bit of heath out of circulation every single time this process will lead to a decreased issuance in the supply and eventually turn either into a deflationary asset but that's not all eip1559 is just one of multiple factors that will reduce the circulating supply when this new burn mechanism is added into the equation along with all of the eid that's being staked and locked up on device platforms you get a perfect storm the many ethereans are calling the triple halving as many of you may know the bitcoin bull cycles are driven by an event called the having where the issuance of btc is reduced by half every few years leading to a decreased supply and circulation and an explosion in price ethereum is currently in the process of three different changes that will lead to a decreased supply of ether on the markets staking burning and the growth of total value locked in d5 all these factors significantly reduce the circulating supply of ether and we all know what that means number go up last week eip went live on the test net bringing the triple having one step closer to becoming a reality a tremendous amount of synthetic ether was burned right out of the gate it was reported that 85 000 ethereum was burned on the test net in the first 24 hours this data should be taken with a grain of salt though remember that this is a test net so developers are battle testing the network with large amounts of synthetic ether putting it through as much stress as possible to make sure that it can withstand anything that will be thrown at it once it goes live so these numbers are going to be much higher than a normal day still even if ethereum fees and usage are as low as they are now with very little volume in the markets the network would still be burning twice as much either as it's printing under proof of stake in eip-1559 according to some recent moon math from ethereum researcher justin drake justin drake is responsible for kicking off the ultrasound money meme which has taken on a life of its own and inspired thousands of ethereum supporters to add bat and speaker emojis to their twitter profiles move over bitcoin laser eyes there's a new cell money meme in town the idea behind the meme is this if bitcoin is sound money because of its limited supply then ether will soon become ultrasound money when its supply is actively burned ethereum culture is really starting to go mainstream as well even though the markets have been relatively quiet so far this summer a lot of this is probably due to the fact that there are communities in the ethereum ecosystem that reach beyond the world of finance and into the realm of pop culture we already talked a bit about gaming on ethereum which is going to play a major role in mainstream adoption but the nft scene is definitely the driving force behind ethereum's cultural breakthrough i don't care what the fudd media says the nft craze is far from over it's just getting started some of the hype may have died down and some prices may be a bit lower than they were a few months ago but overall sales have actually been increasing in the past month alone number of nft sales has more than doubled and now are at all time highs the celebrities haven't left either bigger names continue to enter the space in more serious and thoughtful ways which shows that they are approaching this as a long-term opportunity not just some fad or a cash grab jay-z will be selling an nft based on the cover of his debut album reasonable doubt the sale is happening at sotheby's a well-respected traditional auction house that has taken a major interest in nfts this year jay-z also joined openc ethereum's top nft auction site and he even replaced his twitter profile with a crypto punk which actually signals that he wants to be a part of the community instead of just capitalizing on it with all this bullish news from nfts to scaling solutions and the trouble having this is without a doubt the most exciting time in ethereum's history but i want to know are you ready for ethereum's triple halving which layer two solutions are you looking forward to using this summer let us know down below in the comments and don't forget to hit those like and subscribe buttons that's all i got be blessed [Music] you

You May Also Like