Former Maverick Capital officer and founder of North Rock Digital Hal Press is sure that the current outstanding position of Ethereum (ETH) in Web3 is deeply rooted in years of experiments and development.
"Not accident": North Rock Digital's Press on supremacy of post-Shanghai Ethereum (ETH)
Ethereum (ETH) became an "unquestioned arena" for all top-tier on-chain players in the segment. This only became possible thanks to years-long hard work of its developers and should not be attributed to short-term speculative catalysts. This statement was made by Hal Press, head of North Rock Digital asset manager.
Important to recognize what is happening in the Ethereum ecosystem recently is more than just a flash in the pan of retail deciding to speculate. This is the culmination of many years of the highest quality dev work in the space. Capped off with Shanghai last month, ETH is now…— Hal Press (@NorthRockLP) May 5, 2023
Press praised Ethereum (ETH) developers high in his tweet yesterday, May 5, 2023. He also highlighted the role of the successful Shanghai upgrade in ETH supremacy.
The Shapella upgrade (which Shanghai is an integral part of) took place April 12, 2023. It made it possible to withdraw Ethers (ETH) from its proof-of-stake (PoS) deposit contract.
Many experts called this update the most important milestone of Ethereum's (ETH) journey from proof of work toward the proof-of-stake consensus. It is also of paramount importance for ETH tokenomics as the second largest crypto asset.
As covered by U.Today previously, Press slammed Sui Network's (SUI) hotly anticipated presale campaign for being "complete vaporware."
Shanghai makes Ethereum (ETH) stronger than ever before, analysts say
Previously, mainstream crypto enthusiasts were concerned about Shanghai activation as it could potentially trigger monstrous selling pressure. However, in Q1, 2022, a number of high-reputed analysts released their bullish predictions for the event.
For instance, Glassnode's team published a detailed report calculating the maximum potential damage for the Ethereum (ETH) price: It could not exceed 8% at worst due to limited withdrawal opportunities and mixed motivation of various groups of investors.
Also, blockchain veteran Chris Burniske opined that the opportunity to unstake Ether (ETH) from the deposit contract is a great derisking event for midterm strategies of investors with deposits of various sizes.