The update comes at a time when the price of Ethereum (ETH) is relatively stable, hovering around $2,000 over the past weeks, and the amount of staked ETH reaches over $6 billion.
Decentralized finance (DeFi) and non-fungible tokens (NFTs) have been on everyone’s minds and in everyone’s wallets for the better part of the year.
This was great for all of the project’s building on the ERC20 and ERC710 standard. However, users found themselves battered by jaw-dropping fees and sluggish transaction times. The Ethereum network needed to rise to the needs of its growing user base. Enter the Berlin upgrade.
Berlin seeks to provide answers to increased fees and complex transaction processes through this Ethereum improvement proposal (EIP).
