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Solana’s DeFi Rise Challenges Ethereum’s Dominance

The aim of this article is to delve into the factors underpinning Ethereum’s long standing dominance in the DeFi realm and to examine how Solana has made significant strides in recent times, though whether this can be sustained remains uncertain.
Solana’s DeFi Rise Challenges Ethereum’s Dominance

Ethereum supply staked reaches 25% in past week

According to data from IntoTheBlock shows that the amount of Ethereum supply staked in the past week reached 25%, with a large portion flowing into re-staking protocols.

CoinShares' CSO: Ethereum Narrative Struggles with Rise of Rival Layer-1s

According to CoinShares CSO Meltem Demirors, the narrative surrounding Ethereum has been hindered by the emergence of alternative layer-1 blockchains, making it less likely for crypto newcomers to choose Ethereum as their entry point into the digital asset ecosystem. Demirors believes that Ethereum's complicated scaling roadmap and lack of a strong narrative may be contributing factors. While the Ethereum community is strong, it lacks the die-hard brand loyalty displayed by Bitcoin maximalists. Demirors questions whether Ethereum can maintain market share as more layer-1 blockchains with faster, cheaper, and more intuitive user experiences emerge.

Ethereum L2 TVL exceeded US$25 billion, an increase of 10.97% in the 7th day

L2BEAT data shows that the current total locked value (TVL) of Ethereum Layer 2 is $25.34 billion, with a 7-day increase of 10.97%. The top five locked values are: Arbitrum One TVL is $12.25 billion, with a 7-day increase of 12.11%; OP Mainnet TVL is $6.5 billion, with a 7-day increase of 15.45%; Manta Pacific TVL is $1.76 billion, with a 7-day increase of 13.81%; Base TVL is $0.843 billion, with a 7-day increase of 6.89%; Metis TVL is $0.732 billion, with a 7-day increase of 10.34%.

SAND, LINK, and COMP rank at the top of the Smart Money 24-hour inflow list

According to Nansen 2 data, the Smart Money 24-hour fund inflow tracking list on the Ethereum network is as follows:

Last week, the number of new addresses on Ethereum hit its highest level since December 2022, approaching 100,000

According to The Block data, the number of new addresses on Ethereum (7DMA) rose to 99,280 last week, the highest level since December 2022. Unlike the transaction peak caused by NFTs, the number of new addresses seems to have some sustained growth, hovering around 70,000 for most of 2023.

Ethereum’s Dencun Upgrade

We are on the cusp of a significant evolution in the Ethereum blockchain ecosystem with the much-anticipated Dencun upgrade. This update marks a substantial advancement, bolstering Ethereum's capabilities by addressing some of the ecosystem's most pressing challenges, such as unlocking Layer-2 scalability and augmenting security for node operators and validators.
Ethereum’s Dencun Upgrade

Intent based bridge between L2s and Ethereum powered by multi-proof storage proofs

Bridges are generally insecure and economically inefficient. They exhibit an asymmetry between users and bridge operators, where users can easily lose funds. We propose a bridge design that is simple, modular, and utilizes multi-storage proofs and the native messaging system between Ethereum and Layer 2 networks (L2s) as a fallback mechanism.
Intent based bridge between L2s and Ethereum powered by multi-proof storage proofs

On Increasing the Block Gas Limit

Ethereum’s block size hasn’t been changed since EIP-1559.With a focus on the rollup-centric roadmap in the medium, or possible long term future one might argue that the way block space is used hasn’t been optimized for rollups yet. With the introduction of EIP-4844, we’re taking a big step towards making Ethereum more rollup-friendly. However, the capacity of Beacon blocks and the size of their individual parts have remained mostly unchanged.
On Increasing the Block Gas Limit

Ethereum Layer 2 TVL is now at $21.3 billion, down 1.07% on the 7th

According to L2BEAT data, the total value locked (TVL) for Ethereum Layer2 is currently 21.3 billion US dollars, with a 7-day decrease of 1.07%. The top five locked amounts are: Arbitrum One (10.67 billion US dollars, 7-day increase of 1.38%); OP Mainnet (5.21 billion US dollars, 7-day decrease of 2.31%); Manta Pacific (1.53 billion US dollars, 7-day decrease of 11.02%); Base (0.733 billion US dollars, 7-day increase of 2.77%); Metis (0.615 billion US dollars, 7-day decrease of 12.27%).