Around the last week of April, Ethereum 2.0 Beacon Chain Explorer (Phase 0) was launched and it has been massively successful testing. The testnet has gotten over 28k validators at the moment, which is indicative of the fact that the community had vested interest in the development of Ethereum 2.0.
Now, according to recent reports, Ethereum is already looking at scaling solutions and gas-free transactions before the highly-anticipated launch of ETH 2.0.
On 4th May, the Biconomy platform launched its beta mainnet which aim to provide tolls for Apps developer on Ethereum, and they will allow users to access applications without the involvement of crypto wallets or gas payments for transactions.
In short, Biconomy is currently looking to eradicate and simplify the interaction process with Apps, in order to make it far easier for developers to promote their products to their userbase.
DApps that will be undergoing the integration process with Biconomy will be allowed to access the applications through the protection of a familiar username and password, removing the need for smart contracts or gas fees. Biconomy allows developers to cover these costs and treat these small fees as customer acquisition costs, reducing friction, and enabling faster user growth.
Considering Ethereum had the most active DeFi and Apps platform, the utilization of Biconomy’s platform is foreseeable for Ethereum developers in the near future. However, the protocol is apparently malleable and can work with other platforms as well, with the likes of EOS and TRON coming to mind.
Additionally, it was also mentioned that Bicoinomy already had 10 launch partners which included-Matic Network, Torus, Daostack, Sapien Network, Dapp Pocket, Zefi, Alathea, Frontier Wallet, Fortmatic, and Idle Finance. Such strong support from various organizations highlighted the protocol’s potential for improved customer and developer experience.
Ethereum contracts empty or attached with Gas tokens
Back in April, it was reported that Ehtereum had the highest implementation of smart contracts, rising 75 percent more than the all-time-high in October 2019. With many speculating that those increasing smart contracts are a sign of high user engagement, it was recently revealed that these contracts were actually void or related to GasToken.
According to data from Nansen, around 60 percent of the contracts deployed in Match was GasToken contracts. Now GasToken contracts can be deployed as dummy contracts and when the gas prices are low, these contracts can be destroyed and refunds can be facilitated when the gas prices are high.
Hence, the increasing number of smart contracts did not exactly reciprocate higher user activity in the ETH space.
At the moment, Ethereum is currently valued at $209 dollars with a market cap of $23.2 billion.