Ethereum Revenue Plummets Post-Upgrade Amid Major Crypto Shifts: Solana, Terraform Labs, and ZKsync Face New Challenges
Today's cryptocurrency news highlights several significant developments:
1. **Ethereum's Revenue Drop**: After the recent Dencun upgrade, Ethereum saw a 99% drop in network revenue. The upgrade benefited Layer-2 solutions by reducing transaction fees, which diverted some usage from Ethereum's main network. This shift has raised concerns about Ethereum becoming inflationary again, contrasting its previous deflationary status.
2. **Terraform Labs' $62M Bitcoin Transfer**: Amid legal troubles involving co-founder Do Kwon, Terraform Labs moved $62 million worth of Bitcoin. The transfer comes as Kwon faces legal proceedings for fraud and bankruptcy charges in the U.S. and South Korea.
3. **Solana Foundation Defends Decentralization**: Solana is countering claims that its network is centralized, stating that coordinating updates doesnāt equate to central control. The foundation points to its over 1,500 independent block-producing nodes as proof of decentralization.
4. **Matter Labs Workforce Cuts**: Due to a decline in demand for its ZKsync Era protocol, Matter Labs, which specializes in Ethereum Layer-2 scaling, has reduced its workforce by 16%. Active users of ZKsync dropped significantly from earlier this year.
These stories indicate major shifts in the market, especially around Ethereum's scalability and the ongoing legal and security issues across the industry.#ETHERUM #etherumETF #solonapumping #solonameme #hmsteriscmng
