What is your expectation after the "Dencun" upgrade?

[HawkTrader]

After the much anticipated Dencun upgrade was post-back to March 13, 2024, a lot of analysts are of the opinion that ETH and other projects in the Ethereum ecosystem might be shaping up to become the leading actors of the next bull. It might just unlock the potentials in the ecosystem if all goes well.

About a month ago, when those upgrades were expected, the TVL of most Ethereum L2 protocols experienced ATH most notably Optimism, Arbitrum and Metis. Following that, was the development of more gaming projects on the chain which have seen more and more games/gaming protocols relying more on Ethereum with hopes that the next batch of upgrade will upscale gaming experience and reduce fees.

From experience, ETH price action is bearing semblance to BTC pre-ETF. As we await the approval of ETH spot etf in May, here comes another market catalyst in the form of the "Decun" upgrade with analysts liking the effect of the upgrade on ETH to the effect of "Fire-Dancer" upgrade to SOL. Expectedly, more L2 and gaming projects are being built on the chain in anticipation of these events. For instance OKX is already running a testnet phase of an L2 chain called X1 and Bitget is mulling on building a blockchain to expand the utility of BGB - also an Ehereum-based token (also Binance has already integrated Optimism to their smart chain - opBNB). More than ever before, in the space of one month, we've seen more Ethereum-based projects being launched with most having a good price action upon listing like STRK, MAVIA, NADA, ASTO etc.

With all these expectations, ETH has rallied to above $3k presently and the chart is looking more likely a bull trend (even the likes of OP and ARB have all hit multiple ATH already).

So, what are your own expectations? And what do you think about the potentials of these new projects? Do you think they will continue for the long term or just the short gear stuff?

[pakhitheboss]

Yo wrote so much without even understanding what this upgrade will do to the Ethereum blockchain. It is according to my observation a highly anticipated upgrade which is the reason why Ethereum price is pumping. The upgrade again focuses on reducing the transaction fee and scalability issue. This is not the first time Ethereum did an upgrade to solve the ongoing issues with its network. I doubt they will be able to solve it as the ecosystem of Ethereum is far bigger than itself. We would see many of such upgrades everytime Ethereum takes its ecosystem to the next level.

[Yudhisthir]

Yo wrote so much without even understanding what this upgrade will do to the Ethereum blockchain. It is according to my observation a highly anticipated upgrade which is the reason why Ethereum price is pumping. The upgrade again focuses on reducing the transaction fee and scalability issue. This is not the first time Ethereum did an upgrade to solve the ongoing issues with its network. I doubt they will be able to solve it as the ecosystem of Ethereum is far bigger than itself. We would see many of such upgrades everytime Ethereum takes its ecosystem to the next level.

Ethereum has a multiple advantage over every of the sidechain networks and it's one of the most decentralized crypto. The problem that has stagnated the adoption of Ethereum in dapps and defis is it's fee and lower transaction speed. Any improvement from what we have now could easily be the reason for another 25% increase in price for Ethereum to what it's currently at. Except for Proto-Danksharding that increases TPS for the network, the best thing Dencun adds are further benefits for L2 networks on ethereum, it might be the only project working to promote L2 networks.

[fapar]

Yo wrote so much without even understanding what this upgrade will do to the Ethereum blockchain. It is according to my observation a highly anticipated upgrade which is the reason why Ethereum price is pumping. The upgrade again focuses on reducing the transaction fee and scalability issue. This is not the first time Ethereum did an upgrade to solve the ongoing issues with its network. I doubt they will be able to solve it as the ecosystem of Ethereum is far bigger than itself. We would see many of such upgrades everytime Ethereum takes its ecosystem to the next level.

Of course, the problem will not disappear, but due to Dencum (EIP-1559 and EIP-4844) and as a result of the reduction in fees in L2 chains, it is possible to attract new users. More likely not even attraction, but luring from other chains with a smaller fees (for example, Solana). All updates are inherently a treatment for the “childhood diseases” of ETH, testing new technologies for the transition to a full-fledged ETH 2.0.

[crwth]

With the upgrades that are happening, I'm expecting more rally with the price and that's an increase IMO. It can be with the price because of the ETF and we're hoping that it could bring ETH more mainstream and get money from the "OLD" money type of things. I think it would be an interesting thing to see if it really benefits the whole market. I can't wait to see the price of it happening.

I do hope it gets more people in to increase the price. 

[JayTrain]

I believe that with the Dencun upgrade and the growth of projects in the Ethereum ecosystem, we're witnessing increased interest in L2 protocols. Optimism and Arbitrum have already reached high TVL figures, attracting investors' and developers' attention. Promising enhanced scalability and reduced fees, they could accelerate project development and draw in new participants. I believe L2 protocols will continue to attract investment and remain a key growth factor in the Ethereum ecosystem.

[poodle63]

people are so bullish with these projects backed by big venture capitals, anything backed by venture capital would sky rocket the minutes the went public and listed on exchange so im pretty optimistic with the future of ethereum for long term.
have you heard about eigenlayer, their innovation on liquid restaking or something like that has allowed people to lock their ethereum this increase the overall TVL massively and im also avid eth staker to these projects.
this upgrade will just gonna make ethereum even more better, there's most certainly a proper reasoning why ethereum could be going so strong like this and all these reasons are many factors put together, ethereum ETF, dencun upgrade, increase of TVL hitting all time high as well as many new projects getting deployed into ethereum main chain.
overall its a bright future for ethereum, eventually if gas fee resolved, things will just get better and better hopefully they can do that.

[HawkTrader]

With the upgrades that are happening, I'm expecting more rally with the price and that's an increase IMO. It can be with the price because of the ETF and we're hoping that it could bring ETH more mainstream and get money from the "OLD" money type of things. I think it would be an interesting thing to see if it really benefits the whole market. I can't wait to see the price of it happening.

I do hope it gets more people in to increase the price. 

All the upcoming upgrades are still targeting to solve the "old order" of Ethereum. Scalability has improved a bit ever since the L2 sharked in; prolly looking to solve high gas fee conundrum and adoption could go over the roof. Still many chains and network had to rely on Ethereum making the chain overly popular and inevitable

[Iamcrypticguy]

people are so bullish with these projects backed by big venture capitals, anything backed by venture capital would sky rocket the minutes the went public and listed on exchange so im pretty optimistic with the future of ethereum for long term.
have you heard about eigenlayer, their innovation on liquid restaking or something like that has allowed people to lock their ethereum this increase the overall TVL massively and im also avid eth staker to these projects.
this upgrade will just gonna make ethereum even more better, there's most certainly a proper reasoning why ethereum could be going so strong like this and all these reasons are many factors put together, ethereum ETF, dencun upgrade, increase of TVL hitting all time high as well as many new projects getting deployed into ethereum main chain.
overall its a bright future for ethereum, eventually if gas fee resolved, things will just get better and better hopefully they can do that.

Will this upgrade solve the outrageous gas fees on the Ethereum chain? Yeah, I'm also bullish on ETH, and most of the projects I hold are predominantly ETH-based. OP mentioned BGB as an example, the Bitget ecosystem token that has been breaking multiple ATHs in recent months. However, I believe that unless the ETH gas fees problem is mitigated, we won't see the true potential of Ethereum. Just my opinion, by the way.

[Nefelibato]

Ethereum is poorly built from the ground up and needs an update, layer 2 is not a solution, it simply exposes you to more risk, being completely centralized protocols.

Ethereum has become a business.So I think the main problems are the expensive fees and approvals.
I prefer not to talk about staking re-staking either.

I assumed that sharding would allow the high rates to be reduced, but I read that it will only serve the L2 circus, honestly a shame.