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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Is The Ethereum Winter Over? L2 Exploding, ETH Futures ETF Launches

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Ethereum

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After sinking roughly 30% from 2023 highs, Ethereum appears to be bouncing off from the pits of the crypto winter. Looking at candlestick arrangements in the daily and weekly charts, the coin has primary support at around $1,500 and is firm, bouncing off with decent trading volume. 

At spot rates, ETH is up approximately 3% following positive developments sparked by the increasing adoption of its layer-2 scaling solution and the recent news that VanEck, a player managing billions of assets, is preparing to launch an Ethereum derivatives product.

ETH price on September 28| Source: ETHUSDT on Binance, TradingView
ETH price on September 28| Source: ETHUSDT on Binance, TradingView

Ethereum Layer-2 Solutions Exploding

Taking to X on September 28, Alex Masmej, the founder of Showtime, believes that Ethereum’s layer-2 ecosystem has expanded to such an extent that it no “longer makes sense to build on other platforms.”

The development and deployment of Ethereum layer-2 solutions took center stage following network congestion, which forced gas fees to spike to record highs in the last bull run.

Developers have responded to the network co-founder Vitalik Buterin’s urging. The expert believes they are quickly constructing and deploying safe, universal platforms that have gained widespread popularity. 

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Layer-2 platforms bundle transactions off-chain before confirming them on-chain, allowing for faster and more cost-effective operations while benefiting from the security of Ethereum. As of September 28, there were over 827,000 validators whose job is to confirm transactions and ensure that the network is secure, thanks in part to their geographic distribution. 

Ethereum validator count| Source: Beacon.in
Ethereum validator count| Source: Beacon.in

Most layer-2 solutions use optimistic rollups, including Arbitrum, Base, and OP Mainnet. However, Masmej also said that once ZK rollups, which utilize zero-knowledge proofs to validate transactions without revealing sensitive data, are available, it will end the scalability trilemma, further boosting the capabilities of layer-2 solutions.

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In the founder’s assessment, high throughput options, including Solana, will be a hedge. At the same time, Cosmos, which drives blockchain interoperability, will act as a long-term source of inspiration. Meanwhile, Ethereum will continue to flourish as Layer-2 options gain traction.

Rising TVL And ETH Complex Products Launching

According to l2Beat data, popular solutions like Arbitrum and Base, which offer faster and cheaper processing environments while remaining coupled with Ethereum and enjoying the pioneer network’s fast-move advantage, have larger total value locked (TVL). As of September 28, layer-2 platforms have a TVL of over $10.6 billion, more than Solana’s market cap, which stood at $8 billion, according to CoinMarketCap. 

Layer-2 TVL| Source: L2Beat
Layer-2 TVL | Source: L2Beat

Beyond layer-2 adoption, ETH is being catalyzed by the news that VanEck, a global asset manager, is preparing to introduce its Ethereum futures exchange-traded fund (ETF). Specifically, the VanEck Ethereum Strategy ETF (EFUT) will invest in ETH futures contracts provided by exchanges approved by the Commodity Futures Trading Commission (CFTC).

Like the Bitcoin Futures ETF product, which is already being offered, the Ethereum derivative product will allow institutions to gain exposure, boosting liquidity.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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