On the seventh day of Christmas crypto Espresso gave to me an ethereum Retrospective that's right I'm your host Andrew and this is crypto espresso's Holiday countdown where we look back at This year in crypto and as mentioned Today we put that magnifying glass on The second biggest cryptocurrency Ethereum first up let's talk the merge Ethereum's switch from a proof of work To a proof of stake blockchain was Compared to completely renovating a House while you're still living in it After years of painstaking work and Delays the merge was carried off without A hitch miners have now been rendered Obsolete with validators responsible for Verifying transactions two going green The merge has had a huge impact on the Amount of energy that's used by the Ethereum blockchain some estimates Suggest its electricity use and carbon Footprint have plunged by 99.9 percent All of this could mean the network is Regarded more favorably by Regulators in The future number three plunging prices Woof well despite this year's huge Achievements eth hasn't been immune from The crypto winter as I record this the World's second biggest cryptocurrency Has fallen 75 from all-time highs set in November of 2021. the merge did little To deliver bullish momentum and may have Already been priced in for future plans
Vitalik buterin is determined to slash Transaction fees meaning eth becomes More practical as a payment method in Developing economies one key upgrade Sharding with a d just to be clear will Be like turning a two-lane road into a 12-lane highway greatly enhancing how Many transactions the blockchain can Handle per second five the staking Shake-up a whopping 15.6 million eth has Been locked up in a deposit contract for Two years funds that stakers have been Unable to access a top priority now is Ensuring this crypto can be withdrawn Attracting more stakers to get involved This upgrade is scheduled to take place In March but it could end up being Delayed six is ether security well the Merge had some downsides in the eyes of Regulators it may have transformed eth Into a security and such a Classification brings a lot of baggage To cryptocurrency Securities and Exchange Commission chairman Gary Gensler believes that ether can no Longer count as a commodity and some U.S Politicians feel the same seven horrific Hacks cross-chain bridges that allow Crypto to move from one blockchain to Another have come under attack in 2022 And ethers by far the most locked asset In such platforms Hoyle over 1.5 billion Dollars was stolen in six hacks alone And hundreds of smaller thefts have
Happened as well thrusting security into The spotlight eight plenty of Competition this year was not good for Ethereum's dominance of the nft market Major drops have clogged the blockchain So badly that gas fees spiked to 3 500 And Beyond shutting down the network for Other transactions minting fees have Also been pretty steep prompting some Collections to use rival blockchains 9. Eth miners rim volt one group that Really wasn't happy with the merge or Miners despite the fact that switching To proof of stake wasn't really a Surprise at all in fact it was the plan This entire time attempts to create a Proof of work hard Fork have not really Gone well though and demand has been Pretty tepid to say the least and on the 10th day of ethmus SBF Causes Chaos the Implosion of FTX has sent a ripple Effect through the whole crypto industry And ether hasn't been immune from this Eth got clobbered dropping from 1572 on November 6th when the collapse Began to 1083 only three days later a drop of More than 30 percent and who knows we Could certainly see further headwinds Going into 2023 and if those headwinds Are just too blustery for you be sure to Curl up next to the fire with a warm cup Of crypto espresso that about wraps up Today's retrospective as always be sure
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