Shift to Ethereum Proof-of-Stake will be 'Sooner than Expected'
A recent post from ConsenSyssuggeststhat the shift to a Proof-of-Stake consensus algorithm, away from Proof-of-Work, will be sooner than expected. Overly, this is a net positive. A boost for the ETH price that's still trending below $2k bogged down by uncertainties around how best to handle the prohibitive Gas fees in an environment of relatively high demand and faster client on-boarding.
Ethereum's price hindrance in the immediate term revolves around scalability and fees. DeFi remains on an uptrend, currently with a TVL above $40 billion. More users are also flocking to NFTs, highlighting the level of network utility. The shift to a scalable Proof-of-Stake will relieve users of thehigh Gas fees. Consequently, it may blow the ceiling for ETH/USD prices to rally above Feb 2021 highs to possibly $10k as projected by Anthony Sassano, an Ethereum evangelist and permabull.
Impact on ETH Prices:
Bullish. Traders are optimistic, and Ethereum's revenue could surpass $9 billion going forward. The elimination of high transaction fees through a shift to Proof-of-Stake, riding miners, will be a shot in the arm, helping ETH/USD bulls flex while targeting new 2021 all-time highs.
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