Ethereum Adoption Is in Overdrive Despite Crypto Market Downturn: Altcoin Daily

The host of the popular YouTube channel Altcoin Daily says that money continues to flow into Ethereum (ETH) despite the market’s downturn.

In a new video, Austin Arnold, co-host of Altcoin Daily, states that developers will continue to build Ethereum regardless of market conditions.

“We are watching prices rise and fall in the short term, but the building continues.”

Arnold points out plans to launch a $50 million accelerator fund for Metaverse startups announced by Sandbox (SAND), an Ethereum-based Metaverse platform.

“This is a huge cash injection into the Ethereum Metaverse Sandbox. That’s why we’re looking at a lot of buildings…

It’s not just the sandbox metaverse. In general, we are moving towards building interoperable open networks. “

Looking to the future, Arnold states that Ethereum’s scalability issues will be partially solved by zero-knowledge (ZK) rollup technology. This is a scalability solution that performs calculations from the chain and sends effectiveness reports.

“”[ZK roll-ups make Ethereum] A little more private and much more scalable, BitDAO has launched this $200 million initiative to advance Ethereum’s scaling efforts. Progress is happening. “

According to Arnold, Decentralized Autonomous Organization (DAO) BitDAO is launching a huge fund-backed fund to improve the scalability of Ethereum.

“How about scaling? Well, BitDAO has launched a $200 million zkDAO to drive Ethereum scaling via zkSync…

Leading players are supporting this scaling solution for zkSync through this DAO. “

According to Altcoin Daily’s co-host, one early crypto sector will further boost Ethereum-non-fungible tokens (NFTs).

App Survey NimaOwji recently revealed that the social platform Reddit will allow users to set NFTs as profile pictures.

Reddit has already reached out to the world of NFTs and has released a line of its own Ethereum Mint digital collectors called CryptoSnoos.

Arnold quickly points out that NFT profile pictures are just a test, but reminds viewers how big a adoption event could be for cryptocurrencies.

“The Reddit trial allows users to set any NFT as their profile picture…

This is under test, but at the moment it’s pretty cool to see. Reddit clearly has tens of millions, if not hundreds of millions, of active daily users on the platform… this is a small internal test, Reddit says, but at the moment. Need to be clarified in. “

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