beginingBlockchainAnalyzesThings are about to get bullish for Ethereum

    Things are about to get bullish for Ethereum

    If you know me at all, you'll know that I mostly talk about Bitcoin. This is the coin I am most familiar with, passionate about, and believe in the most. With that said, I am here to secure financial freedom and to do that we all need to remain open-minded as investors. If you have a closed mind, you will miss out on future great investment opportunities. Fortunately, this allowed me to get into Ethereum relatively early. But Ethereum looks a lot different than it did at the beginning of the year. Of course, it has risen tremendously throughout the year in terms of price. But its movement is much less compared to other new and upcoming smart contract blockchains like Solana, Avalanche and Luna. ETH has become expensive to use, too expensive for many ordinary people to use, and because of that, the ETH ecosystem has suffered. Of course, by injured I mean the price of the coins. Anything DeFi or any coin that primarily trades on decentralized dexes has suffered. So much so that some of these coins have branched out to other L1 chains and users have also followed. But this suffering may soon end. Something is about to happen that will give a huge boost to the ethereum ecosystem, which will also increase the price of ethereum and potentially start the next part of the bull again.

    I'm talking about a landfill. Polygon is an ethereum sidechain that makes transactions much faster, scalable and cheaper. Although Polygon has been around for a while, two major things happened that could be the catalyst that Ethereum needs. The first is integration with Uniswap.

    As I write this article, there is a vote going on for Uniswap on whether they will integrate Polygon to Uniswap v3. And just looking at the current vote totals, it looks like they'll pass overwhelmingly. This will change the game. A current Uniswap swap using Ethereum as gas can cost you anywhere from $80, if you're lucky, to hundreds of dollars. Once Polygon is integrated, these replacements will cost a fraction of that. Things are about to get exciting. While this is not investment advice; this is very likely to give a very good boost to DEX coins, everything DeFi and of course Polygon and Ethereum. Think back to the summer of 2020, it was called DeFi summer. Anything and everything related to DeFi and farming went crazy. I expect this to happen again eventually.


    On to the next recent bullish news. Polygon acquired ZK-rollups startup Mir Protocol for $400 million. Mir is an Ethereum scaling startup that uses zero-knowledge proof (ZK-proof) technology. ZK-proof is a cryptographic tool that can be used to create ZK-assemblies. ZK-sums enable transaction processing, but do not require all transaction data to be published on Ethereum. This helps reduce the block space used in Ethereum – allowing it to scale – and reduces gas fees. ZK-rolls are the future of Ethereum and possibly smart contract blockchains in general, and now Polygon is on the cutting edge of this technology and will implement it on Ethereum. This is very bullish news.

    The reasons above are just some of the reasons why we've seen Polygon rise in value recently and move closer to the top 10 in terms of market cap. I think it will be in the top 10 soon, and potentially even in the top 5. As I mentioned before, a lot of the buzz lately has focused on the other alternative L1 smart circuits. But I think we may see a turnaround soon. There is a huge noise storm coming back to Ethereum. First we have this news with Polygon, which will make the ethereum ecosystem usable for many again, while giving a boost to the coins in the ecosystem. Then we have a long burn of Ethereum via EIP 1559. Also, Ethereum 2.0 is coming soon and ETH 1 and ETH 2 will merge in a few months. And something that many people forget to mention is that ethereum's emission rate will soon drop as well. With EIP 1559 going into effect and emissions dropping, this was referred to as a double Ethereum halving event.  

    While Bitcoin is still the king controlling the market with its price magnet. When BTC goes up or down, the rest of the market moves in the same direction. Lately, Ethereum has formed its own price magnet and helped move the market. This upcoming ETH hype move could be the catalyst for the next stage of this bull run.

    What do you think? Are things about to turn bullish for Ethereum? With the use of Polygon and other layer 2 to make fees cheaper, will you go back and use Ethereum?

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