Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum Core Developers have officially approved EIP-7514 for inclusion in the upcoming Dencun upgrade which is slated for late 2023. This Ethereum Improvement Proposal (EIP) primarily aims to decelerate the growth rate of ETH staking, thereby providing the Ethereum community additional time to craft an improved validator reward scheme. The main modification brought by this EIP is setting the Max Epoch Churn Limit, the validator activation queue upper limit, to a constant value of 8. Previously, the churn limit was calculated by taking “The total number of validators\/65536,” which at present equates to about 12\/epoch. The decision followed an Ethereum Core Dev Meeting, as described in a tweet by Tim Beiko: “Wrapped up another Ethereum #AllCoreDevs: we covered devnet updates, additions to Dencun, and had a full overview of Reth. […] EIP-7514 will be part of the Dencun upgrade! Expect the EIP and associated CL specs PR to be updated to reflect all of this in the coming days.” Related Reading: Ethereum Leverage Ratio Is Rising, What Does It Mean? Beiko’s statement underscored the importance of this change and provided insights into the consensus among Core Developer teams. Dankrad Feist, a Researcher at the Ethereum Foundation, outlined the importance of the approval. Feist stated: My reasoning on why I’m for EIP-7514. It is currently unclear if (especially liquid) staking will keep growing indefinitely. In the case that the withdrawal queue does not empty over the next few months, the lower churn limit will give the Ethereum community the time needed to research, debate and implement solutions. Implications For Ethereum Price The staking ratio’s continual rise could result in a diminishing amount of liquid ETH available for trading. Should the staking ratio near 100%, it might produce a supply scarcity, thereby influencing the ETH price positively. However, from the information presented, Ethereum developers are not advocating for this scenario due to potential technical and security implications. EIP-7514, therefore, indirectly impacts the ETH price by manipulating its supply side, though immediate, direct effects on the price aren’t anticipated. Instead, any potential influence on price would likely manifest over an extended period. Related Reading: Ethereum Health: Analyst\u2019s Red Flags And Failed Bullish Patterns The motivation behind EIP-7514, as detailed on GitHub, is to “mitigate the negative externalities of very high level of total ETH supply staked before a proper solution is implemented.” If the deposit queue stays 100% full, the share of ETH supply staked will reach 50% by May 2024, 75% by September 2024, and 100% by December 2024. Remarkably, the modest returns don’t necessarily deter further capital staking, especially with the frequently substantial and erratic returns from MEV. Therefore, EIP-7514 serves as an interim measure, buying time for the community to deliberate and develop comprehensive solutions to the emerging challenges. In summary, while the immediate effects of EIP-7514 on the ETH price remain to be seen, its long-term implications, especially in terms of staking growth and supply side management, could be substantial. The community and investors alike will closely monitor the aftermath of this EIP’s implementation in the Dencun upgrade. ETH Price Builds Momentum At press time, ETH was trading at $1,628. On Monday, ETH price bounced off the 78.6% Fibonacci retracement level at $1,536. A breakout above the 20-day EMA at $1,639 and consequently above the 61.8% Fibonacci level at $1,665 is critical to maintain upside momentum. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":551526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[88231,89399,8323,1946,89400,8686],"class_list":["post-551525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-dencun","tag-eip-7514","tag-eth","tag-ethereum","tag-ethereum-core-devs","tag-ethusd"],"acf":[],"yoast_head":"\n
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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Core Devs Greenlight EIP-7514: Implications For ETH Price","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-eip-7514-implications-eth-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-eip-7514-implications-eth-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/iStock-1336958337.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/iStock-1336958337.jpg?fit=1254%2C836"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["dencun","eip-7514","eth","ethereum","ethereum core devs","ethusd"],"dateCreated":"2023-09-15T10:25:47Z","datePublished":"2023-09-15T10:25:47Z","dateModified":"2023-09-15T10:25:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Core Devs Greenlight EIP-7514: Implications For ETH Price\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-eip-7514-implications-eth-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-eip-7514-implications-eth-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1336958337.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1336958337.jpg?fit=1254%2C836\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"dencun\",\"eip-7514\",\"eth\",\"ethereum\",\"ethereum core devs\",\"ethusd\"],\"dateCreated\":\"2023-09-15T10:25:47Z\",\"datePublished\":\"2023-09-15T10:25:47Z\",\"dateModified\":\"2023-09-15T10:25:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/iStock-1336958337.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551525"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=551525"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/551526"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=551525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=551525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=551525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Ethereum](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-15_12-05-23.png?resize=3628%2C1672\")