Thursday, May 23, 2024
HomeBlockchainAltcoin Daily: Despite Crypto Market Downturn, Ethereum Continues to Grow In Adoption

Altcoin Daily: Despite Crypto Market Downturn, Ethereum Continues to Grow In Adoption

Austin Arnold, the co-host of a popular YouTube Altcoin Daily, has recently stated that money continues pouring into Ethereum (ETH), the second-largest cryptocurrency by market cap, despite the crypto market price downturn.

In a new video, Arnold pointed out that developers keep building on the largest smart contracts platform irrespective of the current situation in the crypto market.

Read Also: Number of Ethereum Addresses Holding More Than One ETH Attains New All-Time High

Arnold also referenced the importance of the plans announced by Ethereum-based metaverse platform, The Sandbox (SAND), to launch a $50 million accelerator found for metaverse startups.

Austin Arnold noted:

“Even though we are watching prices consolidate and decline in the short-term, the building continues…

“This is a huge injection of cash into the Ethereum metaverse, The Sandbox. Because of this, we are about to see a lot of buildings…

“This isn’t just going into The Sandbox metaverse. It’s going towards building an interoperable, open network in general.”

Read Also: Ethereum Beats Visa In Terms Of Values Moved In 2021 ($11.6 Trillion and $10.4 Trillion Respectively)

Zero-Knowledge (ZK) Roll-Up Technology Will Partly Boost Ethereum Scalability

According to Arnold, Ethereum scalability issues will be partly solved by zero-knowledge (ZK) roll-up technology, a scalability solution that runs computations off-chain and then submits a validity report.

He also stated that BitDAO, a decentralized autonomous organization, is launching a fund backed by big money, which he expects to further boost Ethereum’s scalability.

“ZK roll-ups make Ethereum a little more private, a whole lot more scalable, and BitDAO just launched this $200 million initiative to advance Ethereum scaling endeavors. Progress is happening…

“What about scaling? Well, BitDAO just launched a $200 million zkDAO to advance Ethereum scaling via zkSync… Major players are backing this scaling solution of zkSync through this DAO.”

<

Read Also: Big Win For Ripple As Judge Asks SEC to Release Hinman Email about Ethereum (ETH)

According to Arnold, the fast-growing non-fungible token (NFT) sector will serve as a game-changer for the Ethereum ecosystem.


Follow us on Twitter, Facebook, and Telegram

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles