Ethereum’s [ETH] co-founder, Vitalik Buterin, recently commented about the king of altcoin’s next steps. While attending the 2022 Messari mainnet event virtually, Vitalik said that the surge was the next move after its successful translation to Proof-of-Stake (PoS).
Meanwhile, this was not the first time the crypto head mentioned the surge. On the day of the Merge, Vitalik also pointed out the same thing. However, Vitalik seemed to have expanded more on the details than when he did at the “Merge Viewing Party.”
And we’re live with @VitalikButerin @zooko and @twobitidiot. It’s absolutely packed and standing room only. #mainnet2022 pic.twitter.com/uo50SS9S6g
— Messari @ #Mainnet2022 (@MessariCrypto) September 23, 2022
Burst and scale
During the session, Vitalik mentioned that the surge had always been part of Ethereum’s plans, and it was sticking to its roadmap. The surge, which aims to boost the Ethereum network, would not be a single event like the Merge, Vitalik said.
Furthermore, he opined that scaling Ethereum was still part of the project’s plans. Vitalik also admitted that transactions could get slightly lower once Ethereum passes the surge stage.
“Aside from privacy I’d say scalability. The difference between it costing $3 to send a transaction and 3 cents to send, is the difference between blockchains being viable as a mainstream technology at all.”
Aim for the top, still dig for crude
Despite the clarity Vitalik made, ETH seemed unconcerned by it. Since performing woefully after the Merge, ETH preferred to go low again. At press time, the coin was trading at $1,324, according to CoinMarketCap.
On the daily chart, it was observed that ETH had been unable to cling to any support it got and could lose it at its current price. Similarly, indications from the Bollinger Bands (BB) revealed that volatility was extremely high in the region.
Source: TradingView
However, the price decline did not stop ETH traders from pursuing gains. According to Glassnode, Ethereum’s open interest in perpetual futures contracts reached a one-month high of $1,644,420,189.05 on the FTX exchange.
Source: Glassnode
On another good note, ETH looked to be thriving in the ETH 2.0 section. The leading on-chain firm also showed that there had been a hike in deposit contracts on ETH 2.0. At the time of this writing, the Total Value Staked had reached an All-Time High (ATH) of 13,937,399 ETH.
Source: Glassnode
Even with the current on-chain performance, most ETH investors would expect that it translates to an improved price momentum. However, expecting this part might be too soon. Although a change in direction is never out of the cards.