The largest year in Ethereum network: Chain development kits (CDKs) are opening up new opportunities for developers on the Ethereum network.
2024 is expected to be the biggest year for Ethereum yet. There’s a chance that the United States might approve an Ether (ETH) ETF, which could boost Ethereum’s value.
Also, this year will see Ethereum’s first bull cycle since the merger in 2022. With this update, ETH becomes scarcer during times of high network activity.
Also, the next update for the Ethereum network, called Ethereum Improvement Proposal 4844, is set to happen this year. It’s meant to make the whole system of layer-2 blockchains linked to Ethereum much cheaper—up to ten times less expensive.
This update is expected to be a significant moment in this cycle, marking a milestone year for Ethereum and Layer 2.
What is Ethereum?
To grasp this concept better, let’s pause and ask: What exactly is Ethereum?
Unlike Bitcoin (BTC), which currently trades at $52,856, Ethereum’s value isn’t solely tied to being an asset.
Think of Ethereum more like a collaborative and adaptable database or a platform for creating decentralized applications (DApps). So, for Ethereum to be valuable, there need to be valuable applications built on it.
The main reason they’re not here is because there aren’t many people who can think in terms of blockchain. That means they can’t look at a problem and think about using blockchain to solve it or understand tokens well enough to see the business opportunities they offer.
In the past, it wasn’t always easy for players to get help because most people involved in blockchain were generalists, meaning they knew a little about a lot of things.
This made it hard for them to give specific guidance. As a result, some tasks couldn’t be done because they were competing with meme coins and the popularity of nonfungible tokens (NFTs) for space in blockchain blocks.
Business development segmentation is usually done by region, resulting in these teams having to cater to 20 different sectors, each with distinct needs and complex applications. The outcome was superficial guidance that ultimately doomed these projects over time.
The blockchain world is becoming more specialized as big companies take on leadership roles and approach building on the blockchain with a mature mindset.
Chain development kits
Instead of having one big blockchain for everything and a local team for business, Polygon is now making smaller chains for different purposes, like Polygon.
- B2 is a type of blockchain system that’s all about creating bundles of transactions for Bitcoin.
- The OEV Network is another type of blockchain system focused on getting all the valuable information from oracles.
- Hypr is another blockchain system that’s mainly for gaming.
- Libre is a blockchain system solely for making assets into tokens for big organizations.
- Fire Drops is a blockchain system designed for rewarding loyal customers on FlipKart, which is India’s biggest online store.
- And many other major secondary blockchains are doing the same thing. What Polygon calls CDK, Optimism calls “Op-Stack.”
The big change is tough, and 2024 will be a big fight. Many specialized teams from major L2 blockchains will compete in the same areas. So, 2024 could be the year we see powerful new apps from Web2 coming into Web3.
Next year will be when companies and people really start using blockchain in their daily lives. It’s going to be a big year for L2 blockchains and Ethereum.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
