“Unquestioned Arena for Almost All Large Players,” Says North Rock Digital’s Founder Regarding Ethereum (ETH)

When asked about the present state of the Ethereum (ETH) ecosystem, Hal Press, CEO and creator of the North Rock Digital asset management fund, offers his thoughts.

Former Maverick Capital executive and founder of North Rock Digital Hal Press is certain that Ethereum’s (ETH) present remarkable position in Web3 is firmly established in years of trials and research, especially in Shanghai.

In this market, Ethereum (ETH) has become the “unquestioned arena” for all the best on-chain players. This is the result of the creators’ persistent effort over many years and cannot be blamed on short-term market fluctuations. Hal Press, CEO of North Rock Digital, made this assertion.

Yesterday, on May 5th, 2023, Press tweeted his highest praises for the inventors of Ethereum (ETH). He also mentioned how the successful upgrade in Shanghai contributed to ETH’s dominance.

On April 12, 2023, the Shapella update became life, of which Shanghai is a component. It let users cash out Ether (ETH) stored in a proof-of-stake (PoS) contract.

As Ethereum (ETH) transitions from proof-of-work to proof-of-stake, many experts have hailed this development as a watershed moment. As the second biggest cryptocurrency, ETH tokenomics relies heavily on it.

U.Today reported earlier that the press had called Sui Network’s (SUI) much-hyped presale campaign “complete vaporware.”

Since activation in Shanghai might set off massive selling pressure, the general crypto community has been wary of it. However, in the first quarter of 2022, a number of well-respected experts issued optimistic forecasts for the occurrence.

For instance, the folks at Glassnode wrote out a comprehensive research in which they determined the worst possible outcome for the cost of an ether: Due to a lack of withdrawal options and the conflicting motivations of different types of investors, it would be hard for it to rise over 8%.

Chris Burniske, a seasoned expert in the blockchain space, has said that the option to unstake Ether (ETH) from the deposit contract is a fantastic derisking event for investors with intermediate-term strategy including deposits of varying proportions.

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