Ethereum

Boost

Solana

Pepe

Coin

<div>
 <p>Ethereum developers have introduced a new Ethereum Improvement Proposal, EIP-7732, aimed at enhancing the blockchain&amp;#39;s speed and efficiency. Meanwhile, celebrity-inspired meme coins have propelled the token launchpad Pump.fun to surpass Ethereum in daily revenue. Additionally, a large Ethereum whale faces potential liquidation, highlighting the market&amp;#39;s current volatility.&nbsp;</p>
 <h2 id="ethereum-developers-propose-eip-7732-to-revolutionize-block-validation-and-speed-up-blockchain">Ethereum Developers Propose EIP-7732 to Revolutionize Block Validation and Speed Up Blockchain</h2>
 <p>Ethereum developers have unveiled a new Ethereum Improvement Proposal, EIP-7732, which promises to revolutionize the block validation process and significantly enhance the speed and efficiency of the Ethereum blockchain. This proposal marks a critical step in addressing the increasing demand for efficiency within the Ethereum network, aligning with co-founder <a href="https://coinpaper.com/3765/vitalik-buterin-proposes-novel-way-to-decentralize-ethereum-staking" target="_self" rel="noopener noreferrer nofollow"><span>Vitalik Buterin’s ongoing efforts</span></a> to achieve faster transaction confirmation times.</p>
 <p>EIP-7732 introduces groundbreaking changes to the block validation process, aiming to bolster the blockchain’s security and performance by bifurcating the process into distinct consensus and execution phases. This innovative approach, known as Enshrined Proposer-Builder Separation (EPBS), seeks to streamline and optimize the blockchain’s functionality, catering to the growing needs of its user base.</p>
 <p>At the heart of EIP-7732 is the EPBS mechanism, which separates block creation into two primary roles: the consensus proposer and the execution proposer. The consensus proposer is tasked with selecting the execution proposer, who then commits to producing a valid block that contains crucial information, such as a payment or block hash, for the consensus proposer.&nbsp;</p>
 <p>A specialized group of validators, termed the Payload Timeliness Committee (PTC), is responsible for ensuring that the execution proposer submits the committed block within the stipulated timeframe. This separation of duties is designed to reduce the computational load on validators, thereby increasing the network’s efficiency and speed.</p>
 <h3 id="why-eip-7732-matters">Why EIP-7732 Matters</h3>
 <p>The proposal is a response to the current inefficiencies within the Ethereum blockchain, where validators are required to perform both consensus and execution tasks within a limited timeframe. This dual responsibility can lead to potential delays and inefficiencies. By enabling validators to concentrate on immediate consensus validation and defer execution validation, EIP-7732 aims to mitigate these issues without compromising network performance or security.</p>
 <p>Additionally, the proposal advocates for a trust-free exchange between builders and proposers, ensuring payment and the inclusion of valid blocks without the need for middleware. This aspect is crucial in simplifying the block validation process and enhancing the overall user experience on the Ethereum network.</p>
 <p>Buterin has been a vocal advocate for improving Ethereum’s transaction speeds. In a <a href="https://vitalik.eth.limo/general/2024/06/30/epochslot.html" target="_self" rel="noopener noreferrer nofollow"><span>post</span></a> dated June 30, he emphasized, “One of the important properties of a good blockchain user experience is fast transaction confirmation times.”&nbsp;</p>
 <p>He also pointed out that, thanks to EIP-1559’s overhaul of transaction fees and the stable block times following the Merge, Ethereum has managed to reduce transaction confirmation times to between five and 20 seconds. However, for certain applications, even faster speeds are necessary, which is a significant leap from the current 12-second Gasper consensus mechanism.</p>
 <p>The introduction of EIP-7732 signals a promising future for Ethereum, with the potential for faster transaction speeds on the horizon. However, these advancements come with the caveat of necessitating another hard fork, which would introduce backward-incompatible changes to the blockchain.&nbsp;</p>
 <h2 id="celebrity-inspired-meme-coins-propel-pump-fun-to-revenue-supremacy-over-ethereum">Celebrity-Inspired Meme Coins Propel Pump.fun to Revenue Supremacy Over Ethereum</h2>
 <p>In a related development, celebrity-inspired meme coins have catapulted token launchpad Pump.fun to unprecedented revenue heights, surpassing the Ethereum blockchain&amp;#39;s daily earnings for the first time. This surge, fueled by the popularity of these quirky digital assets, has positioned Pump.fun as the highest revenue-generating blockchain platform, according to <a href="https://defillama.com/fees" target="_self" rel="noopener noreferrer nofollow"><span>DefiLlama</span></a> data.</p>
 <p>On a record-setting day, Pump.fun amassed $2 million in daily revenue, eclipsing Ethereum’s $1.91 million. This milestone highlights the platform&amp;#39;s explosive growth and its appeal to crypto enthusiasts seeking the next big trend. Data from Dune Analytics shed some light on this rapid expansion, revealing that 11,528 tokens were deployed on Pump.fun in a single day, bringing the cumulative total to an impressive 1,199,685 tokens. The platform’s cumulative revenue has now reached $50.9 million.</p>
 <p>In March, projections indicated that Pump.fun was on track to achieve $66 million in annual revenue. However, given the current trajectory, this figure is likely to be surpassed well before the year&amp;#39;s end, signaling a sustained and robust interest in meme coins.</p>
 <h3 id="the-celebrity-meme-coin-phenomenon">The Celebrity Meme Coin Phenomenon</h3>
 <p>The celebrity-themed meme coin craze began in late May, ignited by high-profile figures such as Caitlyn Jenner, Iggy Azalea, Trippie Redd, and Davido launching their own meme coins on the Solana blockchain. This trend has captivated the crypto community, with many hoping to replicate the viral success of tokens endorsed by celebrities.</p>
 <p>Crypto natives have been quick to capitalize on this trend, creating and deploying tokens on Pump.fun in hopes that one will catch the public&amp;#39;s eye and skyrocket in value. The allure of meme coins lies in their potential for rapid and substantial gains, driven by social media buzz and celebrity endorsements.</p>
 <p>A crucial factor in Pump.fun&amp;#39;s ascent is its foundation on the Solana blockchain, which is known for its relatively low transaction costs compared to <a href="https://coinpaper.com/4694/ethereum-predicted-to-outperform-bitcoin-after-spot-ether-et-fs-launch" target="_self" rel="noopener noreferrer nofollow"><span>Ethereum</span></a>. This cost-efficiency allows users to create and launch tokens at a fraction of the expense required on Ethereum. However, this economic advantage also poses a risk, as it lowers the barrier for bad actors to conduct fraudulent schemes, such as rug pulls, more cheaply and easily than on Ethereum.</p>
 <p>Pump.fun&amp;#39;s surge in revenue and user activity signifies a pivotal shift in the blockchain landscape, where new and innovative platforms can challenge established giants like Ethereum. The celebrity meme coin trend serves as a strong indication of the evolving nature of the crypto market, where viral phenomena and cultural trends can drive substantial economic activity.</p>
 <p>As Pump.fun continues to attract a growing user base and generate significant revenue, it will be crucial for the platform to address potential security concerns and ensure a safe and reliable environment for its users. The platform&amp;#39;s future success will depend on its ability to sustain interest in meme coins while safeguarding against the risks associated with lower-cost transactions.</p>
 <h2 id="ethereum-whale-faces-liquidation-threat-amid-market-turmoil">Ethereum Whale Faces Liquidation Threat Amid Market Turmoil</h2>
 <p>Meanwhile, the crypto market is in a state of heightened volatility, and a significant Ethereum (ETH) whale is on the verge of liquidation, according to analytics X account @lookonchain. This whale, who has taken a substantial long position on ETH, stands to lose over $30 million in borrowed crypto if the Ethereum price continues to decline.</p>
 <p>Data from @lookonchain reveals that this whale deposited 12,374 ETH into the Compound protocol, leveraging this deposit to borrow $31.4 million in stablecoins. The precarious nature of this position lies in the fact that if Ethereum&amp;#39;s price dips to $2,984, the whale&amp;#39;s long positions will be forcibly liquidated. Over the past 24 hours, the leading altcoin’s price has dropped below this threshold.</p>
 <p>As the market watches the price of Ethereum with bated breath, another significant player has entered the fray. A different whale recently acquired 9,425 ETH, amounting to slightly more than $30 million, through a fresh wallet. This whale&amp;#39;s aggressive buying spree didn’t stop at Ethereum; they also purchased a variety of other cryptocurrencies, including BNB, MATIC, LINK, AVAX, and popular meme coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki. In total, this whale withdrew an astounding $120 million worth of altcoins from Binance, making Ethereum the largest single purchase in their portfolio.</p>
 <h3 id="market-decline-ethereum-and-bitcoin-in-red">Market Decline: Ethereum and Bitcoin in Red</h3>
 <p>The past week has been tumultuous for Ethereum, mirroring the broader market&amp;#39;s downward trend. Since Monday, <a href="https://coinpaper.com/3693/ethereum-et-fs-more-uncertain-as-sec-seeks-to-label-ether-a-security" target="_self" rel="noopener noreferrer nofollow"><span>Ethereum</span></a> has experienced a sharp decline, dropping by 10.42% from the $3,500 zone to the $2,889 mark.&nbsp;</p>
 <p>Ethereum&amp;#39;s price movement has been closely linked to Bitcoin’s recent performance. Bitcoin, the flagship crypto, has been in a steep decline, heavily influencing the market sentiment for other digital assets, including Ethereum.&nbsp;</p>
 <p>Analyst Charles Edwards tweeted that Bitcoin&amp;#39;s price continues to plummet as major players, particularly miners, dump their holdings. Both freshly mined BTC and long-held reserves are being sold off, exacerbating the downward pressure. Edwards cited Glassnode data indicating a negative flow of 374,000 Bitcoin, equivalent to approximately $24 billion being offloaded onto the market.</p>
 <p>Adding to the market’s woes, the U.S. and German governments have recently liquidated significant amounts of both Bitcoin and Ethereum. These sales have contributed to the increased supply in the market, intensifying the selling pressure and fueling the ongoing price declines.</p>
</div>

Ethereum Developers Propose EIP-7732 to Boost Blockchain Efficiency

Table of Contents

Coinpaper.com

Other articles published on Jul 5, 2024

Ethereum ETFs: A New Horizon for Institutional Investment

The Complete Guide to Mt. Gox’s Bitcoin Repayment Process

Breaking: Nonfarm Payroll And Unemployment Data Slows, Bitcoin Recovery Ahead?

XRP and Cardano Secure Major Victory, Leading Altcoins Into Further Gains

5 core business areas where AI can drive revenue

Biden’s reelection odds brush single digits on Polymarket

Join our free newsletter for daily crypto updates!