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Ethereum Foundation researcher: Ethereum's daily revenue may reach $1 billion within 10 years

ChainCatcher news, in the Ethereum Foundation's latest semi-annual AMA, researchers responded to questions about Ethereum scalability, Layer 1 revenue, and security.EF researcher Justin Drake revealed that the first phase of the Pectra upgrade is expected to be launched in the coming months, focusing on enhancing data availability, which is anticipated to significantly increase the number of Blob transactions from 3 per block to 6, likely having a major impact on the Blob fee market. While some in the Ethereum community have called for an increase in the "base fee" for blobs, researchers at the Ethereum Foundation generally view this as a shortsighted idea.Drake stated, "I expect that in about 10 years, Ethereum's TPS will reach 10 million (about 100 transactions per person per day), and even with each transaction at $0.001, daily revenue will reach $1 billion :)"One of the goals of the Pectra upgrade is to enhance Ethereum's economic position, particularly by promoting the adoption of "native Rollups," thereby reducing Layer 2 solutions' reliance on Layer 1. Vitalik Buterin stated that Ethereum's goal is to maintain the neutrality of the network. Researchers emphasized that as the network expands in the future, the demand for data availability will exceed supply, and future scaling solutions like Danksharding will help bridge this gap.Additionally, EF has opened a $2 million bug bounty to encourage the community to stress test the hard fork, ensuring the security of the Pectra upgrade.

Ethereum Foundation researcher: ETH will become a super robust currency, while Bitcoin will ultimately be hindered by its supply cap

ChainCatcher news, according to Cointelegraph, Ethereum Foundation researcher Justin Drake believes that as the issuance of ETH decreases, it will "soon" become an "ultra sound" currency, while Bitcoin will be "phased out" as it approaches its supply cap of 21 million. This statement has sparked a debate between the two communities.Drake recently posted on X that to make ETH "ultra sound again, either the issuance must decrease or the burn rate must increase. I believe both will happen."Ethereum's issuance became deflationary after the merge in 2022, but it is set to increase starting in April 2024 after the Dencun upgrade, as the Dencun upgrade reduced fees on L2 networks and the total burn amount.However, Drake compared the issuance of ETH to that of Bitcoin, noting that since the Dencun upgrade, Bitcoin's supply has increased by 655,000 coins, while the Ethereum network has added 462,000 ETH in the same period. At current prices, the former is worth about $63.5 billion, while the latter is only worth $1.25 billion. Drake stated, "Currently, the supply of BTC is growing at 0.83% per year, which is 66% faster than ETH."He also pointed out that Bitcoin's supply cap of 21 million could lead to long-term security risks, as miners' revenue primarily comes from block rewards (about 99% in the past week, with only 1% from network fees). He added that due to the relatively low cost of attacking the network, Bitcoin is easily susceptible to security risks.However, analyst James Check stated that critics of Bitcoin's sustainability fail to consider factors such as energy advancements, mining efficiency, and economic incentives. He said that if Bitcoin reaches a reserve status, high fees are inevitable, similar to the fees institutions pay for the secure storage of gold.He added that over time, network fees will cover operational costs, while subsidies have already covered capital expenditures. Check also believes that advancements in energy, particularly nuclear energy and the utilization of wasted energy, will lower mining costs.
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