- Vitalik Buterin offered solutions to address the core issue of Ethereum.
- Meanwhile, the co-founder of Bankless envisioned ETH reaching $10K.
During the 2024 Shanghai International Blockchain Week event, Vitalik Buterin, the co-founder of Ethereum [ETH], highlighted what he identified as the network’s main challenge—ecosystem fragmentation.
As reported by crypto media outlet Wu Blockchain on X (formerly Twitter), Buterin pointed out that Ethereum functioned like “34 different chains,” underscoring the difficulties it poses for scalability, user experience, and cross-chain interactions.
Vitalik’s Proposal to Unify Ethereum
In response to this issue, Buterin shared his vision for Ethereum’s potential upgrade, “The Surge,” on X.
One of the key objectives of the upgrade is to enable Ethereum to handle over 100,000 transactions per second (TPS) through both Layer 1 (L1) and Layer 2 (L2) solutions.
Source: Vitalik Buterin/X
Additionally, Buterin stressed the importance of maintaining the decentralization and resilience of Ethereum’s L1 to ensure security as the network expands.
He also emphasized the need for some L2s to inherit Ethereum’s core features, such as being trustless, open, and resistant to censorship.
An essential aspect of The Surge is enhancing interoperability among L2s.
Buterin believes that for L2s to truly extend Ethereum, the user experience within the L2 ecosystem should be seamless and unified, akin to interacting with a single ecosystem.
The Surge represents the second phase of Ethereum’s future upgrades.
Earlier this week, AMBCrypto highlighted the co-founder’s proposed enhancements to Ethereum’s Proof-of-Stake (PoS) system, aligning with his broader vision for the platform’s ongoing evolution.
ETH’s Price Performance
Amid these developments and the ‘Uptober’ excitement, ETH has rebounded from its early October lows.
Currently trading at $2,631, the altcoin has seen a 10% increase in the last 24 hours.
Source: TradingView
With an RSI reading of 60.50, there is still room for growth as ETH is not yet overbought.
Furthermore, the OBV is on an upward trend, closing at 42.894 million, supporting the bullish momentum.
If buying pressure continues, ETH bulls may successfully surpass the $2,700 resistance level in the near future.
Outlook for Ethereum at $10K
As Ethereum progresses on its ambitious path, Ryan Sean Adams, the co-founder of Bankless, remains optimistic about the asset’s future.
Adams recently expressed his belief in its untapped potential, stating on X,
“ETH to $10k. The market is massively undervaluing Ethereum right now.”
With upcoming enhancements set to enhance the network, Adams’ prediction may not be far from reality.
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