Ethereum Celebrates Sixth Anniversary With Continuous Upgrade

Today, Ethereum celebrates its sixth anniversary since its release, which was then called “Frontier”. The second-largest cryptocurrency by market cap is celebrating its launch as developers strive to update the system.

Exactly July 30, 2015, Ethereum has been enhancing its platform and technology. Now it became a hub for NFTs, DAOs, and DeFi. Consequently, the developers are working hard to upgrade it until now.

Ethereum is without a doubt used by many other protocols. It has grown into an incredible platform that has gone through a hard fork and built a market cap of $278 billion.

This anniversary seems like it’s the last anniversary with Ethereum 1.0 as it is getting replaced by 2.0 soon. Ethereum 2.0 is a faster, more energy-efficient model scheduled in early 2022. The upgrade is increasingly necessary as the ETH Network struggles to keep up with the success.

It can be recalled, last summer, DeFi apps exploded after a few years in the shadows. In fact, over $60billion in assets have been tied to ETH-based DeFi protocols and that number was below $4 billion same as last year. However, it created many problems for the network which was designed to handle only 15 transactions per second (TPS).

Moreover, the constant use of smart contracts on the blockchain for other protocols while remaining welcoming has slowed down the network and it then increased its fees. Thus, the introduction of NFTs on Ethereum. This year, NFTs attracted the interest of many.

NFT’s sales volumes hit $2.5 billion in the first half of the year, in which most of them are going through Ethereum. On another note, Decentralized autonomous organizations (DAOs) have experienced a resurgence. They allow people to participate in decision-making for protocols and other types of organizations using tokens.

As of writing, ETH is now trading live at $2346.22 with a 2.25% gain in the last 24 hours. Known to be the pioneer of the smart contract platform, it has reached a significant milestone and still strives to develop its entire business.