In the latest release from Coin Bureau, a top crypto education platform, the host shared 10 predictions for the crypto industry in 2023, highlighting some unprecedented turbulent events that occurred in the just-concluded year 2022.
In one of his speculations, the popular crypto pundit expects crypto payments to go mainstream this year with Ethereum (ETH) L2 tokens playing the leading role. According to him, Layer-2s on Ethereum will be the ground zero and main propeller of the development, mentioning the conditions needed to make this possible.
He said, “My fifth crypto prediction for 2023 is that crypto payments will become more common. This will again be due to a combination of better frontends, regulatory clarity increasing liquidity and, most importantly, an increase in scalability that finally makes crypto payments feasible.”
“This prediction comes from a series of headlines I saw over the summer about Ethereum founder Vitalik Buterin saying how layer-2s on Ethereum will power crypto payments. This makes sense given that Ethereum is the most secure base layer to have for a payment system besides Bitcoin.”
“Moreover, developers will be implementing the Ethereum improvement proposal, or EIP-4844 sometime next summer. For those unfamiliar, EIP 4844 will increase the scalability of Layer-2s on Ethereum by between 10x and 100x. Given that most Layer-2s already processed thousands of TPS, such an increase will put them on a par with Visa.”
Although he pointed out that Ethereum (ETH) L2s will be ground zero for crypto payments once EIP-4844 is implemented, the Coin Bureau host stated that other smart contract platforms will also be instrumental but they will have to find their unique niches.
Meanwhile, he stressed that an increase in crypto payments could result in intense regulatory scrutiny and other tight policies such as compulsory KYC. “The silver lining is that the KYC crackdown for crypto payment will drive innovations into decentralized stablecoin niches,” he said.