2024 Is Predicted to be The Biggest Year in The History of the Ethereum Network

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Bittime - The year 2024 promises major progress for Ethereum, not only because of the potential approval of an Ether-based exchange-traded fund (ETF) in the United States, but also because it will be the network's first bullish cycle after the Merge in 2022. The Merge has made ETH a deflationary asset during periods of high network usage, with 0.2% of Ether supply burned since the merger.

Upcoming Ethereum Network Upgrade

Ethereum Upgrade Proposal 4844, scheduled to occur this year, aims to make the layer-2 (L2s) ecosystem built around Ethereum up to 10 times cheaper. This is expected to be a major turning point, pushing Ethereum and L2s to the biggest year in their history.

ETH supply since Merge

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The Importance of Layer 2 for Ethereum Scalability

Without L2s, Ethereum cannot scale. And without sub-chains and specialist business development teams, L2s will not scale at the required speed. This emphasizes the need for an interconnected ecosystem and specialization for rapid and sustainable growth.

To understand this, it's worth taking a step back and asking: What is Ethereum?

Unlike Bitcoin, Ether is not just an asset, with intrinsic value tied only to the functioning of a blockchain.

Ethereum is more in line with the idea of ​​a shared, programmable database or decentralized application development platform (DApp). Therefore, to have value, valuable applications must exist within it.

Some of these applications already exist and emerge organically from Web3, but the vast majority will come from traditional companies adapting their systems and integrating with blockchain.

This has never been achieved before.

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What important non-native Web3 applications exist today? How many companies are serious about maintaining their on-chain applications after the last bull cycle?

The main reason for their absence is that few people are able to “think in blockchain,” see a problem and consider blockchain as a solution, or understand tokens well enough to think about the business opportunities associated with them.

In previous cycles, help was not always available to guide those players because — given the broad and agnostic nature of blockchain — most actors were very public.

As a result, some operations are impossible due to competing for block space with meme coins and the non-fungible token (NFT) boom.

Those companies want to experiment with blockchain but don't know how and need guidance from the business development team of the blockchain itself or another Web3 company.

Business development segmentation is usually done by region, so these teams must serve 20 different sectors, each with complex needs and applications. The result is shallow guidance that ultimately destroys the projects over time.

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But In 2024, The Game Will Change

With more leadership positions in large companies — with a much more mature mindset about how to build on-chain — the blockchain ecosystem is experiencing a period of specialization.

Today, it is clear that the largest L2 blockchains are dividing into subchains with specialized configurations and teams and structures that specialize to include specific niches.

Chain Development Kit

Using Polygon as an example, instead of having just one common blockchain for all applications and regional business development teams, Polygon has started to diversify into multiple subchains dedicated to specific use cases.

How Does This Happen? 

Polygon provides the market with a Chain Development Kit (CDK) - where subchains are built - and all liquidity is connected through an aggregation layer.

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In Recent Weeks, Polygon Has Announced:

• B2 , a CDK chain focused on building rollups for Bitcoin

• OEV Network , a CDK chain aimed at capturing all oracle extractive value (OEV)

• Hypr , a CDK chain with a focus on gaming

• Libre , a CDK chain dedicated to the issuance of tokenized assets for institutions

• FireDrops , a CDK chain designed for loyalty actions for FlipKart, India's largest e-commerce.

And the same path is followed by all other major L2 blockchains. What is called CDK by Polygon is called “Op-Stack” by Optimism, for example.

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This paradigm shift is drastic, and 2024 promises to be a major battle, as many specialized subchains and business development teams from each of these major L2 blockchains will compete in the same segment.

Thus, 2024 has the potential to be the year when important Web2 applications finally appear in Web3.

The year will mark the beginning of the retention cycle, where companies and users will begin and continue to incorporate blockchain into their daily lives.

It will be the year of the L2 blockchain and, consequently, the biggest year for the Ethereum network.

How to Buy Ethereum (ETH) on Bittime

You can buy and sell ETH tokens in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. ETH is available on Bittime with ETH IDR pairing . 

To be able to buy ETH/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make ETH purchases in the application. Complete Guide on How to Buy ETH on Bittime. 

Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.