The successful activation of London on Ethereum coincides with Cardano’s plans to end the Goguen era and enable smart contract functionality.
London, one of the most important updates to the Ethereum network, was successfully activated last Thursday, causing the price of the cryptocurrency to break above the $3.000 level again. Meanwhile, the developers of Cardano, one of the most block chains which is built as a competitor to Ethereum, is close to concluding its Goguen era and activating the functionality of smart contracts (smart contracts) on the blockchain network.
In the case of Ethereum, the network's developers had been facing great difficulties due to its massive adoption and use. The high gas costs and transaction completion times on Ethereum caused many projects and users to migrate to other more scalable and economically accessible blockchain networks.
Therefore, with the arrival of London, the use of the Ethereum network skyrocketed again, increasing the value of its cryptocurrency by more than $3.000 per unit, CoinGecko data shows at the time of writing.
London activation and value growth ETH coincides with the plans of Cardano (ADA), the fifth most important cryptocurrency in the industry, to conclude its Goguen era with the last phase of the Alonzo update, which will activate smart contracts on the network. This functionality is one of the most anticipated by the Cardano crypto community.
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More than 15.000 ETH burned from London
Since last Thursday, the Ethereum network has burned 15.042 ETH in commission fees, data shows. data from the Ultrasound.money portal, which is tracking the projects that Ethereum users are interacting with the most.
Source: Ultrasound.money
In the crypto industry, “burning” is the action of sending cryptocurrencies to an address that no one has access to or control over, so that the cryptocurrencies sent are out of circulation forever. Through London, which in turn activated the proposal for improvement EIP-1559, the developers have implemented the burning of miners' gas fees as a way to reduce the current supply of ethers on the market, in the medium and long term. This action will make the cryptocurrency a new asset with a deflationary tendency, which will grow in value exponentially in the future.
Ultrasound.money shows that gas fee burning is happening mostly on OpenSea, the token marketplace NFT largest volume to date.
London is a hard fork designed to increase Ethereum's efficiency and improve its scalability. Also, this upgrade begins to prepare Ethereum for the merger with Ethereum 2.0, the optimized blockchain network based on Proof of Stake which developers are preparing to replace miners with validators, reduce energy consumption, provide a high level of scalability, security and efficiency, and offer better performance options for everyone.
More than $7,6 billion in volume
Since London went live, Ethereum’s on-chain adjusted volume has grown by 18,7% to over $7.600 billion, as data from The Block Research shows. As of Wednesday, August 4, the network’s on-chain adjusted volume was around $6.300 billion, so at the time of writing it has grown by approximately 3,75% daily.
Source: The Block Research
This metric refers to the amount of value that moves in daily transactions through this blockchain network. At the time of writing, Ethereum is dominating 19% of the crypto market and its total capitalization exceeds $351.700 billion.
Cardano, competition against Ethereum
Cardano, considered the first scientific blockchain in the crypto world, is strengthening its competition against Ethereum. Although it has suffered certain delays, the developers of this blockchain reported who expect to finish the Alonzo upgrade this month to enable smart contract functionality and enable the creation of decentralized applications (dapps) highly scalable.
Alonzo is the latest upgrade in Cardano’s Goguen era, part of its ongoing development, which will move Cardano towards a more robust, secure, and scalable network. Cardano announced this weekend the successful creation of Alonzo Purpure, the latest phase of this upgrade to bring smart contracts.
The developers of this blockchain, led by Charles Hoskinson, a former Ethereum developer, want to make Cardano a blockchain with an unprecedented level of scalability, in addition to the fact that interacting on it does not require gas and, therefore, its transactions are much faster and cheaper than on Ethereum.
At press time, Cardano shows a market cap of $45.380 billion, while the total ADA staked across different pools and groups exceeds $XNUMX. 71% of the total issuance of the cryptocurrency.
Continue reading: Competition against Ethereum intensifies and strengthens, by Cardano and Polkadot
