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Saturday, August 13, 2022

Ethereum Scaling Improvements Coming Through Coinbase

Surojit Chatterjee, the Chief Product Officer of Coinbase, has foreseen major advances in Ethereum scaling for the new year as he publishes predictions. Most of the investors, analysts, and leaders of the industry have been sharing their predictions for the new year for the ecosystem of crypto, and Surojit Chatterjee of Coinbase is quite confident that ETH will be at the front of Web3 and the crypto-economy as it ends up getting scaled.

The CPO did share these predictions in a blog post from the company on the 4th of January in which he clearly mentioned that the scalability of the cryptocurrency would improve because the multiple layer 1 networks would also be seeing some major traction. 

Ethereum Will See Some Positive Growth This Year

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Coinbase has also stated that the layer 1 networks do focus mostly on gaming and social media but Chatterjee has predicted that scalability will definitely be improved by advances made in layer 1 to layer 2 bridges, adding that the Ethereum crypto industry would be looking desperately for some major improvements in usability and speed of cross-L1 and L1-l2 bridges. 

The layer 2 ecosystems of Ethereum have undergone quite a massive expansion in 2021 with a surge in adoption from every single major platform. According to L2beat, which tracks the ecosystem of L2, the total value locked surged by around 11,000% over the past year from around $50 million to $5.5 billion. 

Chatterjee has also predicted that there will be more applications that are privacy-focused emerging but this could attract more regulatory attention as more KYC restrictions are enforced- something Ethereum might thrive upon. Other predictions he made also included a more regulatory industry, along with larger institutional participation in DeFi.

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