The developers of the Ethereum network have decided to postpone the difficulty bomb.
The effect of the difficulty bomb is that mining becomes extremely difficult on Ethereum and with that, the developers hope to push everyone towards Proof-of-Stake. Now this digital bomb has been postponed for two months and with that The Merge also seems a bit further away.
Ethereum adoption on the rise
Despite the huge bearish sentiment in the market and the difficulties surrounding the move to Proof-of-Stake, the adoption of the Ethereum network continues to grow. The daily transaction total has exceeded 1 million transactions, except for one day, since December 2020. Mapping the daily transaction volume is a good way to gauge the capacity of a network.
The number of unique addresses is also still on the rise. Since its first major spike in December 2017, Ethereum has not entered a slowdown zone on this front. At the time of writing, there are approximately 198 million unique Ethereum wallets. This number has increased by a factor of 14.5 since December 7, 2017.
The Ethereum price is having a hard time
The network may perform extremely well, but in order to maintain this in the long term, the course must also keep up. If the Ethereum price continues to perform as it does now, there is a good chance that people will invest in other things. Decentralized Finance and Non-Fungible Tokens are fun, but if you lose everything on everything, you will quickly lose your focus.
At the time of writing, Ethereum has lost more than 11 percent of its market cap in the past 24 hours. For the past 7 days there is even a minus of almost 32 percent. Ethereum currently has a market cap of $157 billion, which is about three times smaller than Bitcoin’s market cap of $476 billion.
