Labib, a Shiba Inu (SHIB) supporter, recently took to Twitter with a compelling proposition for Vitalik Buterin, the founder of Ethereum. He highlighted the escalating concerns over Ethereum’s gas prices and the recent disruptions experienced by the Solana blockchain, suggesting an unconventional yet intriguing solution.
Labib proposed the use of Shiba Inu as a “magical solution” to mitigate these issues, emphasizing the potential for Ethereum to maintain its security while offering lower transaction costs, thereby benefiting the entire community.
Ethereum’s network recently witnessed a significant technological advancement with the introduction of the Dencun upgrade, its first major update since the Shanghai upgrade last year. This upgrade was a game-changer, notably reducing transaction fees on Ethereum’s layer 2 solutions.
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By incorporating blobs and leveraging cryptographic tools like the KZG commitment scheme, Ethereum has enhanced its scalability and also fortified its security against potential threats. Additional updates, such as EIP-4788 and EIP-6780, have further improved the network’s defense mechanisms and smart contract functionality, reducing risks for decentralized applications within the Ethereum ecosystem.
This development has caused increased activity and value across Ethereum’s layer 2 networks. However, it raises the question of whether this shift towards layer 2 solutions might overshadow the main Ethereum network.
Yet, it’s argued that the Dencun upgrade enriches Ethereum’s layer 1 blockchain, cementing its role as the ultimate settlement layer within its ecosystem. Furthermore, this scalability enhancement positions Ethereum to regain dominance over alternative layer 1 blockchains and recapture market share lost to scalability challenges in the past. With the rise of layer 2 and emerging layer 3 solutions, developers have the tools to execute transactions within the Ethereum network more efficiently, without resorting to other blockchains for application deployment.
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In a related development, the distribution of Lido’s staked ETH has seen a decrease, addressing previous concerns over network concentration. This enhances the likelihood of Ethereum evading the classification as a security by the U.S. SEC, a topic of much debate in the crypto community at the moment.
