March Madness - The Daily Gwei #193
We're in for an exciting month.
So March has officially begun and I for one am incredibly excited. I know many in the community have bad memories of last years March (due to the COVID-19 black swan dump in the markets) and of course March 2020 was really when COVID-19 basically took over all of our lives. In saying that, I believe that this month will be very good for both Ethereum and ETH.
Okay, let’s run through what March has in store for us as Ethereans. Firstly, we have the much-anticipated layer 2 scaling solution, Optimistic Ethereum (OE), going live on mainnet and it’s assumed that with its release will come some DeFi apps to bootstrap the network. I believe this release will instantly help to alleviate the “Ethereum can’t scale” narrative that has taken hold over the last few months. It’s not just OE either - we are basically gearing up to have a full-blown layer 2 ecosystem on mainnet within ~3 months - I can’t wait to see users experiencing fast and cheap transactions on the Ethereum network while retaining its security and decentralization guarantees!
Next up we have testnets for Berlin (Ethereum’s next network upgrade) going live and then if all goes well, the upgrade will be pushed to mainnet in April. We’ll also have the AllCoreDevs call this month that will determine if EIP-1559 goes into the London network upgrade which is tentatively slated for July. I think this will work to show people that eth1 has not stagnated and is still capable of evolving and upgrading right alongside eth2. Of course, EIP-1559 getting a firm date for release is also incredibly bullish as this EIP has been in the works for almost 2 years now and is the most anticipated upgrade to Ethereum in its entire history (outside of eth2, of course).
Finally, ETH just had a ~35% draw-down in price which is typical for bull markets and now seems to be heading back up again after consolidating around its old all time high over the last couple of days. I believe that ETH is going to have some nice price action this month based on the technical data coupled with all of the fundamental releases coming to Ethereum. I am, of course, an Ethereum/ETH perma-bull but I really can’t find any reason for anyone to be bearish on ETH right now - there’s just too many exciting things coming.
All of the above is mostly happening in March with bleed-through into April and then one of the most bullish things happening in July with EIP-1559 going live. I haven’t even touched on all of the upgrades coming to existing DeFi apps, the new DeFi apps going live, the continued craziness of the NFT markets and so much more. No matter if the markets are bullish or bearish, there’s always something to be excited about in the Ethereum ecosystem.
Have a great day everyone,
Anthony Sassano
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All information presented above is for educational purposes only and should not be taken as investment advice.