Friday is ending on a high note for Ethereum, with financial giant BlackRock filing to launch an ETF backed by Ether, the blockchain’s native currency. This led the price to jump 10%, back over the $2,000 mark, as investors bet that BlackRock’s entry will attract billions of dollars in new capital.
The renewed attention brings up familiar concerns such as transactions costs, known as gas fees, which have soared with the burst of activity on the blockchain. Ethereum’s shift last year to a proof-of-stake system was supposed to alleviate these issues, but it has led to some griping that the platform should have devoted its energy to making its main network cheaper and efficient. Additionally, the switch to proof of stake has also raised concerns over centralization.
However, Ethereum still maintains the leading smart contract for a reason – with by far the most users and a dedicated developer community. As a new crypto bull market emerges, the platform must show it can deliver on its enormous potential.
In other news, Chainlink’s LINK token is up 175% since January, the notorious “Cryptoqueen” who oversaw legal and compliance for Ponzi-like OneCoin pled guilty in a $4 billion fraud, economist Nouriel Roubini is launching his own stablecoin, and Celsius customers will get 37 cents on the dollar and shares in a new company dedicated to staking and mining. Bitcoin brushed $38,000 on Thursday, the highest the token has traded in 18 months.
When it comes to memes, the one to watch is ‘TFW you learn one-third of Ethereum nodes are 20 miles from CIA headquarters’.