MASSIVE Ethereum Upgrade - Altcoin Update 3/14/24

Coinzig Crypto
14 Mar 202412:39

TLDRIn this video, the host discusses Ethereum's recent Dannon upgrade, which significantly reduces Layer Two fees. They also cover the altcoin market, mentioning top gainers and losers, and delve into news about Solana, Jupiter, and The Graph. Additionally, they touch on the potential impact of Apple's acquisition of Darwin AI on AI projects in crypto and demonstrate the current low gas fees on various networks using Uniswap.

Takeaways

  • 📉 Ethereum's price dipped by 2.7%, reflecting a broader market trend where Bitcoin and the US stock market also experienced declines.
  • 🚀 Top gainers of the day include Dogecoin, WHIP, HAT, and GLOBE, with Ox Protocol showing an impressive 18% near-up.
  • 📈 Among the top losers are Bitcoin SV, StarkNet, Phantom, and Theta, with Telegram's coin experiencing a significant 45% uptick on the week despite recent losses.
  • 💡 Ethereum's London (Denon) upgrade has been implemented, reducing Layer 2 fees by up to 98%, which is a major development for the network.
  • 🔽 The median transaction cost for Layer 2 networks has significantly decreased, with Base, Optimism, Arbitrum, and ZK Sync seeing reductions ranging from 65% to 96%.
  • 🤔 Despite the London upgrade, Ethereum's price did not pump, possibly following the 'sell the rumor, buy the news' crypto adage.
  • 🏛️ Two senators are urging the SEC chair to halt further ETFs related to cryptocurrencies, citing concerns about the risks associated with crypto-related ETFs.
  • 🎮 Salana is gaining attention with the launch of a new mobile game in collaboration with Parallel TCG, contributing to the positive momentum for the project.
  • 📊 The price of Solana (SOL) has been outperforming Bitcoin recently, hinting at a potential decoupling in the market.
  • 🌐 The Graph, a leading data protocol, has expanded its reach to over 40 blockchains, further solidifying its role as an important infrastructure player.
  • 🔄 Gas fees for swaps on Uniswap and other DEXs have plummeted post-upgrade, with some transactions costing less than a penny, signaling a significant improvement in usability and cost-efficiency for users.

Q & A

  • What is the main topic of the video?

    -The main topic of the video is the discussion of Ethereum and its new Denon upgrade, as well as an overview of the altcoin market, including top gainers and losers, and other relevant cryptocurrency news.

  • How did Ethereum perform in the market according to the video?

    -Ethereum was down by 2.7% at the time of the video.

  • What is the significance of the Denon upgrade for Ethereum?

    -The Denon upgrade is significant because it reduces Layer Two fees by up to 98%, which is a major improvement for the Ethereum network and its users.

  • What are some of the top gainers mentioned in the video?

    -Some of the top gainers mentioned include Doge, WHIP, HAT, Globe, Ox Protocol, Salon, Bon, and Jupiter.

  • What are some of the top losers mentioned in the video?

    -Some of the top losers mentioned include Bitcoin SV, StarkNet, Phantom, Lio, Theta, and Telegram's coin.

  • What is the impact of the Denon upgrade on Layer Two networks' median transaction costs?

    -The Denon upgrade has significantly reduced the median transaction costs for Layer Two networks, with Base, Optimism, Arbitrum, and ZK Sync seeing reductions of 96%, 95%, 95%, and 65% respectively.

  • What is the news about Salana (SOL) mentioned in the video?

    -Salana has been performing well, and the news includes the launch of a new game in collaboration with Parallel TCG, which seems to be contributing to the positive performance.

  • What is the significance of the acquisition of Darwin AI by Apple in the context of the video?

    -The acquisition of Darwin AI by Apple is significant as it indicates a growing interest in AI within the tech industry, which could potentially have implications for AI projects within the cryptocurrency space.

  • How does The Graph project mentioned in the video relate to AI?

    -The Graph project is not directly an AI project, but it interacts heavily with AI protocols and applications by providing a platform for decentralized data storage and access, which can be utilized by AI projects in the crypto space.

  • What was the impact of the Denon upgrade on gas fees for Uniswap?

    -The Denon upgrade led to a significant drop in gas fees for Uniswap transactions, with fees going from 30 cents down to less than a penny for some transactions.

  • What are the gas fees like for different Layer Two networks after the Denon upgrade?

    -After the Denon upgrade, gas fees on different Layer Two networks have become extremely low, with fees on Optimism being less than a penny, Arbitrum at 11 cents, and Polygon showing two cents for swaps.

Outlines

00:00

📉 Crypto Market Updates and Ethereum's Dennon Upgrade

The paragraph discusses the current state of the crypto market, highlighting Ethereum's price drop and Bitcoin's performance. It mentions the US Stock Market's dip and its influence on the crypto market. The focus then shifts to Ethereum's Dennon upgrade, which significantly reduces Layer Two fees. The upgrade's impact on various Layer 2 networks like Base, Optimism, and Arbitrum is detailed, showing substantial reductions in fees. The paragraph also touches on the reactions to the upgrade, including market responses and the potential implications for future ETFs related to cryptocurrencies.

05:01

📈 Altcoin Performance and Salana's New Game

This paragraph delves into the performance of various altcoins, including top gainers and losers. It mentions specific coins like Dog, Whippet, and Aptos, and discusses Elon Musk's influence on Dogecoin. The conversation then turns to Salana and its recent news, including the launch of a new game. The paragraph also explores the relationship between Bitcoin and other cryptocurrencies, questioning whether altcoins always follow Bitcoin's trend. Finally, it highlights the importance of Salana in the market and its meme culture's impact on the coin's performance.

10:05

🚀 Exploring Gas Fees on Different Networks

The final paragraph focuses on the gas fees across different networks, showcasing the significant reduction in fees following Ethereum's Dennon upgrade. It provides specific figures for gas fees on networks like Optimism, Arbitrum, and Polygon, emphasizing the affordability and attractiveness of these networks for traders. The paragraph also mentions Injective's low gas fees and briefly discusses the potential impact of Apple's acquisition of Darwin AI on the AI projects in crypto. The Graph's expansion to 40 blockchains is noted, highlighting its role in the crypto ecosystem. The paragraph concludes with a practical demonstration of swapping tokens on Uniswap, showcasing the new, lower gas fees in action.

Mindmap

Keywords

💡Ethereum

Ethereum is an open-source blockchain platform that enables developers to build and deploy decentralized applications (dApps). In the video, Ethereum is discussed in the context of its new 'Denon' upgrade, which is aimed at improving the network's efficiency and reducing transaction fees, particularly for Layer Two solutions like Optimism, Arbitrum, and ZK Sync.

💡Denon Upgrade

The Denon Upgrade refers to a significant update to the Ethereum network, which is designed to enhance its performance by reducing transaction fees and improving the efficiency of Layer Two solutions. The upgrade is a part of Ethereum's ongoing efforts to address its scalability issues and make the network more sustainable.

💡Layer Two

Layer Two refers to a solution in blockchain technology that operates on top of an existing blockchain (like Ethereum) to increase its capacity and reduce transaction costs. It does this by processing transactions off the main blockchain and then summarizing them into a single transaction that interacts with the main chain.

💡Uniswap

Uniswap is a decentralized exchange (DEX) built on the Ethereum blockchain that allows users to swap various cryptocurrencies without the need for a centralized authority. It is known for its liquidity pools and automated market-making mechanism, which are essential for facilitating trades between different tokens.

💡Gas Fees

Gas fees are the transaction costs required to perform operations on the Ethereum network, such as sending tokens or interacting with smart contracts. These fees are paid to the network's miners to incentivize them to process and validate transactions. Gas fees are measured in 'gwei' and can fluctuate based on network congestion and demand for processing power.

💡Memes

In the context of the video, 'memes' refers to internet culture and its influence on the cryptocurrency market, particularly with meme-based cryptocurrencies like Dogecoin. These coins often gain popularity and value through social media and viral trends, rather than traditional financial metrics.

💡Salana

Salana is a blockchain platform that aims to provide a highly scalable and decentralized infrastructure for dApps and other blockchain applications. It is known for its high throughput and low latency, which are essential for supporting large-scale applications like gaming and social networks.

💡Jupiter

Jupiter, in the context of the video, refers to a decentralized exchange (DEX) aggregator that aims to provide users with the best prices across multiple DEXs by automatically routing trades. It is part of the broader ecosystem of decentralized finance (DeFi) and offers users a more efficient way to trade cryptocurrencies.

💡The Graph

The Graph is a decentralized protocol that allows for the indexing of blockchain data, making it easily accessible for developers to build applications. It plays a crucial role in the ecosystem by providing a way to query and retrieve data from various blockchains, including Ethereum and other leading networks.

💡Apple Acquisition

The term 'Apple Acquisition' in the video refers to Apple Inc.'s recent purchase of Darwin AI, a company specializing in artificial intelligence. This acquisition signifies Apple's interest and investment in the AI sector, which could have implications for the broader tech industry and potentially influence the direction of AI-related projects in the cryptocurrency space.

💡Gas Fees on Layer Two

Gas fees on Layer Two refer to the transaction costs associated with using blockchain applications that operate on Layer Two solutions. These fees are typically much lower than those on the main Ethereum network, as Layer Two solutions are designed to reduce congestion and processing costs.

Highlights

Ethereum's new Denon upgrade is live, significantly reducing Layer Two fees.

The median transaction cost for Layer 2 networks has drastically decreased, with Base optimism, Arbitrum, and ZK sync seeing reductions of up to 98%, 95%, and 65% respectively.

Top gainers for the day include Doge, WHIP, Hat, and Ox protocol, with some meme coins experiencing notable increases.

Top losers include Bitcoin SV, Stark Nets, Phantom, and Theta, showing a dip in the market.

Two senators are urging the SEC chair to halt further ETFs from the crypto market, citing concerns over crypto-related ETFs.

Salana is gaining attention with a new game launch and positive market performance.

Jupiter, a DEX aggregator, is experiencing a pump in the market.

The Graph, a data protocol, has expanded to over 40 leading blockchains and is heavily involved with AI protocols and applications.

Ethereum Layer 2 Bridge deposits have skyrocketed in the past month, reflecting growth in TVL and DeFi.

Gas fees for Uniswap on Ethereum have plummeted following the Denon upgrade, now costing less than a penny for some transactions.

Arbitrum and Optimism networks are also showing incredibly low gas fees, making transactions extremely affordable.

Injective's gas fees are incredibly low, offering a competitive edge for traders.

The market's reaction to the Ethereum upgrade seems subdued, not resulting in a pump for Ethereum's price.

Memes related to Elon Musk and Dogecoin are influencing the market, with speculation about Tesla accepting Doge for payments.

The altcoin market is showing a mix of gains and losses, with some coins like Aptos and Worldcoin also experiencing increases.

The overall market sentiment seems to be influenced by the performance of the US stock market and economy.