Ethereum is the top altcoin in the crypto market. The networks keep upgrading from time to time to make them more scalable and cost-effective in terms of transactions. In the past, we have seen multiple upgrades on the Ethereum network to reduce the transaction cost and also one of the biggest migrations was from the proof of work to proof of a stake.
Now another upgrade is around the corner and will be the Dencun upgrade for the Ethereum network. Search upgrades are good for the network making it more efficient scalable and cost-effective. Hopefully, with the upcoming update also things are going to be better on the Ethereum chain. This upgrade is scheduled to happen on March 13th which means we are just a couple of days away or we can say that less than a week away from the event.
Dencun is expected to act as a positive catalyst for ETH. Ether holders have significantly reduced their exposure to exchanges by transferring more than $1.3 billion worth of ETH into private wallets.
Now there is another update that looks exciting for the Ethereum Network and it is that worth $200 million Ethereum tokens are burnt for this upcoming upgrade. Ethereum is one of the networks where the total supply is unlimited but now the good thing is that the supply is less than the burn amount and this is why there is nothing to worry about its overall coin circulation.
It is obvious that when more tokens are reduced out of the supply and less are available because of the ongoing burn mechanism then the token value is expected to rise. There are multiple layer two solutions have been developed and also many projects are in process that will be trying to add more value to its overall network and ecosystem. I expect that things are going to be much better on the Ethereum network with layer two also and this upgrade will help the layer two projects to have even better compatibility.
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