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Vitalik: Now, is it okay for the price to rise? “$ETH is a store of value and one of the most important applications on the Ethereum network.” Vitalik has clearly separated the Ethereum network from the Ethereum coin, $ETH, since its inception. He has repeatedly stated in the past that, “$ETH price increases could be problematic as they increase the cost of using the Ethereum network.” This time, Vitalik has described $ETH as both a “store of value” and an “application with utility.” Currently, $ETH’s primary utilities are as follows: - Collateral asset for securing the PoS Ethereum network - Fees (Gas) for network usage - A central asset for the on-chain economy of Ethereum and the entire Ethereum ecosystem (L2, EVM chains, etc.) Notably, this is the first time Vitalik has explicitly referred to $ETH as a "Store of Value." This implies that even if the price of $ETH rises sufficiently, it will no longer lead to structural problems for the Ethereum network. The following structural changes likely underlie this shift in perception: 1. A dramatic decrease in verification costs after the ZK transition The cost of network verification is expected to decrease dramatically after the introduction of ZK technology, and the minimum entry requirement for validators is also likely to be significantly lowered (32 ETH → 1 ETH) in the long-term roadmap. This means $ETH This means that rising prices no longer directly hinder the decentralization of the Ethereum network. 2. Continuously Expanding L1 Block Space Ethereum's L1 block size is rapidly expanding, which suggests that network usage costs have fallen sufficiently to support the $ETH price increase, and are likely to fall further in the future. 3. Purpose-Specific and Performance-Specific Scaling through L2 Specific purposes that are difficult to achieve on L1 (such as censorship, privacy, and ultra-high-speed transactions in milliseconds) can be sufficiently scaled through L2. In other words, the structure where rising ETH prices directly led to decreased network usability has already been resolved. 4. The Misconception of an "Infinite Issuance Asset" Many people still perceive $ETH as an asset with an infinite issuance. However, Ethereum's structure actually allows for more ETH to be burned than issued as network usage increases. While the transition to an L2-centric architecture led to a decrease in L1 usage and burn for a while, L2s are also currently paying significant fees to Ethereum. Additionally, trends such as - rapidly increasing L1 scalability - adoption as a global payment layer through stablecoins and RWA are increasing the likelihood that Ethereum will become a deflationary asset with a gradually decreasing net issuance. Conclusion $ETH is no longer simply a coin consumed as gas fees. It is the asset that ultimately captures the value of all economic activity occurring throughout the Ethereum ecosystem. In other words, $ETH itself is an application with significant utility and a store of value.
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BQ Crypto
☀️ (2026.02.09) Summary of major cryptocurrency news and comments Have a great day! Weekly Start 1️⃣ Bitcoin mining difficulty drops 11%, the largest drop since China's Bitcoin ban in 2021 📌 (Summary) - Bitcoin mining difficulty fell 11.16% on Saturday - This is the largest drop since China's Bitcoin ban in July 2021 - Hashrate dropped by approximately 20% this month alone - The biggest factors are the falling Bitcoin price and the winter cold - The current Bitcoin price averages 87k - The price itself is highly inefficient at 70k ✏️ (Personal Comment) - Miners and hashrate continue to struggle - Personally, I believe that when the hashrate drops this much, - it means Bitcoin is approaching a bottom, - but it also means that a sudden drop is possible, - so it's more accurate to interpret this as a bottom over time rather than a price drop. Original Link (www.theblock.co/post/388955/bi... 2️⃣ ENS abandons its L2 and operates fully on the Ethereum mainnet 📌(Summary) - ENSv2 will operate exclusively on Ethereum. - Ethereum's scalability has increased much faster than expected over the past two years. - Therefore, they decided that there would be no problem with running it on Ethereum. - The time and money invested in building their L2 will be used for interoperability between L2 and ENS v2. ✏️ (Personal Comment) - As Vitalik said, "Layer 2s are unnecessary." - ENS seems to have realized this and decided to build on Ethereum. - Personally, seeing these developments, I wonder if the Ethereum era will return. - In the past, L2 and bridges were built outside of Ethereum. - Now, it's time to return to Ethereum... - I'm very excited about the future of Ethereum in its next cycle. I'm excited. Original link (www.theblock.co/post/388932/en... 3️⃣ MegaEther will buy back MEGA with their USDM stablecoin profits. 📌 (Summary) - MegaEther will purchase MEGA tokens with their USDM stablecoin profits. - All MegaEther apps will support USDM. - USDM is a stablecoin created through a partnership between Esena and megaETH. - This stablecoin generates profits from USDtb and BlackRock's BUIDL. - MegaEther also disclosed four key performance indicators (KPIs) required to release 50% of their tokens. - These include a 30-day average of $500m USDM supply and 10 apps earning more than $50k in fees for 30 days. - MegaETH will conduct a token generation event (TGE) when all three KPIs are met. ✏️ (Personal Comments) - The USDM approach itself is very refreshing. - The KPI-based TGE seems... too strict. - Personally, I'm saying they'll build an ecosystem without tokens, meet the KPIs, and then release tokens. - I think it could take 3-4 years, like a real base. - So what happens to token buyers? - I think it's right to announce these KPIs and give those who participated in the sale the option of a refund. Original link (www.theblock.co/post/388914/me... 4️⃣ Russia's largest bank is preparing to allow crypto-backed loans. 📌 (Summary) - Sberbank is preparing to offer crypto-backed loans. - This decision was made in response to strong customer demand. - Currently, over $408 billion worth of digital assets have been issued on the Sberbank platform. - The Central Bank of Russia currently classifies cryptocurrencies as foreign assets. - While purchasing and selling are permitted, their use as a means of payment is prohibited. ✏️ (Personal Comment) - Russia is starting to accept cryptocurrencies one by one, isn't it? - China took a completely different path, saying, "Let's make our own." - Russia's stance is to quickly accept BTC, ETH, etc. based on government support. Interesting difference. - But the government is so powerful that if they want to create something, it's done so quickly. Original link (www.theblock.co/post/388822/ru... Hearts and likes are a huge help to BQ content. 🤩 #CryptocurrencyNews #CoinNews #Cryptonews #BTC #ETH
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