The Year in Ethereum 2020

  1. Bigger than Bitcoin. Ethereum eclipsed Bitcoin as the blockchain with the most valuable blockspace, and the blockchain used to transfer the most value.
  2. Ethereum’s Creator Economy. Artists, musicians, and creators of all types exit to Ethereum, where they control the value of their work.
  3. DeFi: Revenge of the Dex …and more! Decentralized exchanges changed the way the crypto industry traded, reaching a high of 16% of centralized trading volume.
  4. Ethereum’s scaling upgrades are underway. The first of the Eth2 upgrades — the beacon chain — went live on December 1, kicking off a multi-year process that will see Ethereum grow into the world’s settlement layer.

1. Bigger than Bitcoin

2. Ethereum’s Creator Economy

ILLESTRATER, by Beeple. Used with artists permission.

3. DeFi: Revenge of the Dex

4. Ethereum’s Scaling Upgrades

The beacon chain goes live

The beacon chain is the backbone of Ethereum’s new Proof of Stake consensus mechanism. Today, the beacon chain isn’t being used by the Ethereum protocol — it’s just running smoothly, while the community fine-tunes and hardens it, in preparation for supporting a hundred-billion dollar network.

A rollup-centric roadmap

In October, Vitalik proposed an adjustment to Ethereum’s roadmap. This plan would prioritize expanding use of rollups to give the Ethereum ecosystem massive scalability gains in the near future.

The hobbyist staker community grows

As the beacon chain launch grew closer, a community of hobbyist stakers grew up around it. This is a direct result of the Ethereum community’s decision to prioritize a PoS consensus mechanism that made it viable to participate with consumer hardware.

What did it all mean?



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