ETH all time high, Core dev updates and more - The Daily Gwei Refuel #846 - Ethereum Updates

Dan and Sano discuss Ethereum's recent price surge, noting that ETH has reportedly reached a new all-time high of around $4,700, with potential to hit $5,000. They highlight the shift in market dynamics due to increased institutional involvement, particularly in ETH, which has seen significant inflows surpassing BTC. Dan predicts that tens of trillions of dollars will flow into ETH from traditional finance over the next 10 to 15 years, as major businesses adopt Ethereum for their operations. He views ETH as the most decentralized and reliable layer, projecting its long-term value could exceed $100,000.

The conversation critiques Bitcoin's fundamentals, particularly its security budget issues and challenges posed by quantum computing, suggesting these factors may lead traditional finance to favor ETH. Ethereum's versatility allows it to be staked for yield and utilized in decentralized finance applications, enhancing its appeal. As ETH enters a phase of price discovery, Dan anticipates increased buying pressure and a flywheel effect driving continuous price growth, advocating for a long-term investment strategy in ETH.

Sarkar provides updates on Ethereum core development, including the progress of the next upgrade, with expectations for the Fusaka release in late October or early November. The timeline for the GlamsterDAM upgrade is set for June 2026, followed by another fork, the H fork, planned for early 2027. The discussion on Block Level Access List (BALS) highlights its significance as an upgrade for Ethereum, enabling parallel execution of transactions and potentially leading to cheaper fees on Layer 1.

The conversation also emphasizes the importance of scaling blobs and the initiative to decouple blob scalability from major hard forks. EigenDA is recognized as beneficial for Ethereum, driving demand for ETH through restaking. The speaker expresses confidence in blobs and EigenDA's sufficiency for the near future, attributing ETH's recent all-time high to macro institutional interest.

Various projects are mentioned, including privacy-focused initiatives like Tornado Cash and decentralized alternatives like Fileverse. The speaker encourages crypto natives to adjust their expectations regarding new apps, recognizing their potential for innovation within existing frameworks. They also discuss the role of decentralized systems in supporting AI, referencing ERC 8004, which aims to enhance trustless interactions between AI agents.

The conversation touches on TornadoCash's commitment to privacy despite scrutiny from the US Treasury Department, contrasting with other views in the crypto space. Innovative applications on Ethereum, such as using NFTs for storing diplomas and medical records, are explored, along with the potential for traceable disaster relief funds. The discussion speculates on the future of stablecoins, highlighting the potential for banks to introduce their own stablecoins, which could reshape the market.

The growth of decentralized stablecoins could be bolstered by an increase in Ethereum's value, impacting the backing of stablecoins and potentially decreasing fiat currency values. The speaker notes a trend where layer one chains are transitioning to Ethereum layer two solutions, raising skepticism about the future viability of launching new layer ones. The exit of a co-founder from Story Protocol underscores a trend of founders cashing out after token vesting periods, while positive remarks are made regarding Ronin's transition to Ethereum L2.