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The Shanghai Fork Will Be Good For Ethereum

By TyreP | The Crypto Sphere | 7 Apr 2023


Ethereum Logo

April 12 is the long awaited date for many Ethereum holders. On that day, stakers on Ethereum will be able to un-stake their ETH. This will most likely lead to many selling their Eth and lowering the price of Ethereum in the short term. However, I would expect there to be an increase of trading of the coin going forward. The main reason that I think this is that renewed interest in Ethereum due to the fork will help Ethereum with it's use case. 

Being the largest cryptocurrency by market cap after Bitcoin, Ethereum already has a bunch of hype around it. Many people already see the token as a safer bet than pretty much any other cryptocurrency other than Bitcoin. One of the reasons for this is that ETH has been around for a long time (for cryptocurrencies anyways) and has proven to be resilient time and time again during bear markets. 

The Shanghai Fork will most likely increase the overall interest in the asset because people won't feel like they are being conned again. The lockup of tokens for so long had left some stakers to feel like they were being taken advantage of. But with this fork that frustration will finally go away and a renewed interest from those who were frustrated might occur. I know that I am now more interested in Ethereum with this newest fork. 

Since I'm predominantly an Algorand user, I'm used to not having my tokens locked up, nor am I used to high transaction fees or longer than a minute transaction times. But if Ethereum can start to tackle those issues, I would gladly switch over. Ethereum has a robust ecosystem and the Shanghai Fork is a step in the right direction. I hope over the next couple of forks, the Ethereum blockchain will fix it's slow transaction times and high transaction fees. 

The Shanghai Fork makes me excited to see what the Ethereum blockchain does in the future.  

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TyreP
TyreP

I like to write about crypto.


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