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Ethereum ($ETH) holders may have been worried about Solana’s ($SOL) recent run, hinting that $ETH may underperform this cycle. But there is good news for all $ETH holders. Ethereum’s Dencun upgrade goes live on testnet, and this upgrade promises to supercharge scalability, introducing a new transaction type for rollups. Among the top ten cryptocurrencies, this will be the largest upgrade to a mainnet pushed so far this year.
The upgrade includes numerous Ethereum Improvement Proposals (EIPs), but the big ticket item is EIP-4844 and blob transactions. Introducing the Dencun upgrade. What it is. What it means for Ethereum. And a look at one of Etheruem’s highest potential beta plays: Galaxy Fox ($GFOX).
Ethereum (ETH): Introducing the Dencun Upgrade
Ethereum’s Dencun upgrade sees an improvement to the consensus layer ‘Deneb’ and an upgrade to the execution layer ‘Cancun.’ Roll the two together, and the result is the Dencun upgrade. All the focus is on EIP-4844 and the introduction of blob transactions.
This new type of transaction introduces a new data availability channel specifically to be used by rollups. The blob transaction will be included in regular blocks, and this new fee market will reduce the costs rollups pay for data availability by orders of magnitude.
Why is this bullish? The main operating cost for rollup providers is data availability. Reducing this cost could potentially lead to a scenario where users are transacting on rollups enjoying Ethereum’s security benefits with Solana-style fees. This is the first major step forward for Ethereum’s rollup-centric scaling plan, and if successful a layer two may even enter the top ten cryptocurrencies this cycle.
This upgrade is massively bullish for overall scaling and with Ethereum set to rally when Dencun finally goes to mainnet. The best cryptocurrencies to buy now are Ethereum betas. These are smaller cap altcoins whose performance is aligned with $ETH’s performance.
Galaxy Fox ($GFOX): Ready To Surge As Ethereum Rises
Galaxy Fox has been hailed as a top-tier Ethereum beta and may even be the top crypto to invest in before the Dencun upgrade goes to mainnet. Housed in the Ethereum ecosystem, this meme/ P2E hybrid is leading a new standard for memecoins. Its robust tokenomics model features a token burn and a taxation system that directs capital throughout the ecosystem, ensuring liquidity gets where it is needed to fuel future growth.
The runner game at the center of this galactic ecosystem pays out prizes to the top 20% of the leaderboard at the end of each season. And the NFT collection adds a new dimension to the competition with holders unlocking special in-game stats boosts. However, the play-to-earn section is not the only place investors can earn real cash.
Galaxy Fox’s Stargate hub is where all $GFOX holders can stake their tokens. Stargate accrues 2% of all ecosystem transactions and distributes them to stakers. These lucky investors earn payouts directly correlated to ecosystem development, and staking during the price discovery phase should yield enormous payouts.
This presale is already well under way, and with 95% of tokens sold, investors will have to be fast if they want to join the $GFOX journey before the Dencun upgrade gets shipped to mainnet.
Closing Thoughts: On the Importance of Beta Plays This Cycle
Ethereum is ranked second among the top ten cryptocurrencies, and this giant pioneered the entirety of DeFi. $ETH’s large market cap means it cannot produce explosive returns like it did in the past, and now investors should focus on beta plays. Tokens that offer leveraged returns on $ETH’s performance.
Galaxy Fox is a classic example, and $GFOX can easily post 100% gains when $ETH posts 5% gains. Join this ICO today and learn firsthand how exciting holding Ethereum betas is when $ETH starts moving.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
Source: https://finbold.com/first-thoughts-ethereums-tech-upgrade-finally-goes-live/