Ethereum’s Altair Upgrade Set to Launch on October 27
Ethereum, the second-largest blockchain in the world is expecting a major upgrade, titled Altair. It will add a variety of features to Ethereum’s beacon chain. According to experts, this is an important final addition before them what they call, ‘The Merge.’
Ethereum’s last upgrade, the London hard fork, released the EIP-1559. Upon taking place on October 27, the Altair upgrade will make amendments to the beacon chain, which is ETH2’s staking chain. Staking is crucial for Ethereum’s Triple Halving concept. Combined with fee-burning, staking is a crucial mechanism that that drives an Ether shortage. This helps in bumping up the price. For the Triple Halving process to work, ETH needs to constantly be taken out of circulation because of burn and staking.
In a recent post, the Ethereum blog announced their upcoming upgrade. According to it, the Altair beacon chain upgrade is set to activate on the Ethereum mainnet. The blog also mentioned when the upgrade will launch.
The upgrade to the beacon chain won’t affect current Ethereum holders and users directly. Instead, it will only apply to node operators and consensus mechanism. With Ether’s rising prices, numerous DeFi tokens have taken a plunge.
Even though its prices have plummeted, DeFi TVL is moving upwards. Last week, the accumulated value of DeFi protocols surpassed $233.8 billion. Based on Dune Analytics, a crypto data aggregator, more than 3.5 million new wallets have engaged with a minimum of one DeFi protocol.
Crypto analysts on twitter are discussing the possibility of a crypto domain with numerous blockchains. Therein, Ethereum would lose relevance and L2 solutions along with DeFi tokens would gain popularity. However, the author behind the Ethereum Triple Halving concept is debating this concept. According to him, there’s little validity in simply assuming trends and thinking that a multi-chain universe is inevitable.
Besides preparing the Ethereum network for the upcoming ‘Merge,’ the beacon chain upgrade has other jobs as well. It is getting ready for the ‘sharding’ process, in which 64 parallel blockchains, called shard chains, will be released. The aim behind the launch is to eliminate congestion along the Ethereum network.
Currently, analysts have a bullish attitude of ETH price because of the soon-to-be upgrade. Not to mention, a former official of the SEC made a statement, saying that it’s likely the SEC will approve. In the meantime, analysts on FXStreet have gone over the ETH price trend. Consequently, they’ve predicted that ETH is set to hit a new all-time high in the near future.
These announcements have led to a budding excitement among traders, who have looked forward to Ethereum’s upcoming development. Not to mention, considering the upcoming price surge, they can’t wait to get a return on their investments.