Vitalik Buterin has earlier revealed that Arbitrum and Zysync rollup are not fully honed to make specific effects on the Ethereum blockchain. Vitalik quickly announced to the blockchain users that some technologies are not well developed.
The present technology needs to be honed and improved to make changes. ETH blockchain network will take a roll-up map.
ETH blockchain users expect that after the transition to ETH 2.0, the network will be more scalable, and transactions will be faster with lower gas fee charges.
Ethereum Blockchain Network Rollups Not Fully Optimized
Rollups on the ETH blockchain are technologies that provide scaling solutions. They roll and scale up different transactions on the blockchain network, later presented as a single transaction.
The most commonly used rollups on the blockchain include;
These technologies mentioned above reduce the cost of transactions and increase the speed of transactions on the Ethereum network. Despite the interventions of these rollups, gas fees are still exorbitant, and the speed is still average.
According to a blockchain analytic platform, Dune, per transaction on the network costs an amount of gas reduced by the rollups. A token transfer on the blockchain network needs about 45,000 gas to process the transactions.
However, with the advent of rollup technologies, that gas costs will be decreased to below 500. Although these technologies seem to be doing a good job, they must be honed and improved.
Once the merge is successful and the rollups are improved, gas fee charges and ample data space will be reduced. The network will be more secure, easy, and scalable for users to transact.
Ethereum Price Moves Above The $1,700 Price Zone
There are high expectations by ETH users from the upcoming merge and transition on the network to a POS protocol. These expectations include a spike in Ethereum price once the transition is successful.
During the past 24 hours, Ethereum made a bullish trendline movement which pushed the coin price above the $1,700 zone. The giant cryptocurrency trades above $1,770, a 5% increase in the past 24 hours.
Although crypto experts dispute that the spike is unrelated to the upcoming merge or transition, the spike may be attributed to the rally in the market. The cryptocurrency market is all green currently as BTC is above $24,000 and ETH is above $1,700. This spike is the highest recorded in the past six weeks.
In expectation of the transition, ETH seems to be bringing ETC (Ethereum Classic) along. Ethereum Classic may become the substitute for ETH after the transition in September.
Analysis from the past seven days shows a good movement and momentum from Ethereum Classic. Whale action is gradually increasing. There are predictions that ETH may deflate after the merge before a bull run may set in.