During the 2024 Shanghai International Blockchain Week, Vitalik Buterin, one of the co-founders of Ethereum (ETH), highlighted what he identified as the most significant challenge facing the network—ecosystem fragmentation.
As per reports from the crypto media outlet Wu Blockchain on X (formerly Twitter), Buterin described Ethereum as functioning like “34 separate chains,” underscoring the obstacles this presents in terms of scalability, user experience, and cross-chain interactions.
Uniting Ethereum: Vitalik’s Solution
Responding to these concerns, Buterin took to X to outline his vision for Ethereum’s potential future upgrade known as “The Surge.”
One of the key objectives of this upgrade is to enhance Ethereum’s capability to handle more than 100,000 transactions per second (TPS) across both Layer 1 (L1) and Layer 2 (L2) solutions.
Furthermore, Buterin stressed the significance of maintaining the decentralization and resilience of Ethereum’s L1 to ensure its security and integrity as the network expands.
He also emphasized that certain L2 solutions should fully embody Ethereum’s core principles, such as being trustless, open, and censorship-resistant.
Enhancing interoperability between L2 solutions is another pivotal aspect of The Surge.
Buterin envisions a seamless and unified user experience when interacting with the L2 ecosystem to create a cohesive environment.
The Surge represents a crucial phase in Ethereum’s upcoming upgrades.
Earlier this week, CryptoCrypto highlighted Buterin’s proposed enhancements to Ethereum’s Proof-of-Stake (PoS) mechanism, aligning with his broader vision for the platform’s continuous development.
ETH Records Notable Gains
Amid these advancements and the ongoing excitement of ‘Uptober,’ Ethereum’s price has rebounded from its early October lows.
Currently, the altcoin is trading at $2,631, reflecting a 10% increase in the last 24 hours.
With an RSI reading of 60.50, there appears to be room for further growth as ETH is not yet considered overbought.
Bolstering the bullish momentum, the OBV is on an upward trend, reaching 42.894 million.
If buying pressure persists, ETH enthusiasts might successfully surpass the $2,700 resistance level in the near term.
The Future of Ethereum: Reaching $10K
As Ethereum continues on its ambitious path, Ryan Sean Adams, co-founder of Bankless, maintains a highly optimistic view of the asset’s potential.
In a recent statement, Adams expressed his belief in Ethereum’s underappreciated value and asserted, “ETH to $10k. The market is massively undervaluing Ethereum rn.”
With forthcoming enhancements set to enhance the network, Adams’ prediction may not be as far-fetched as it seems.