Enterprise Ethereum Use Cases Expected to Increase in 2024
Investors are not the only ones interested in Ethereum (ETH) . An increasing number of businesses also plan to leverage Ethereum this year.
While large companies have previously dabbled in Ethereum , industry experts believe that enterprise Ethereum is finally gaining momentum.
Data from layer-2 (L2) insights platform L2BEAT shows that transactions on the Ethereum mainnet have been steadily rising this month.
Paul Brody, Enterprise Ethereum Alliance Chair and Global Blockchain Leader at EY, told Cryptonews that Ethereum had become the dominant enterprise platform.
“All the substantive concerns around Ethereum are finally gone,” he said. “Gas fees are also very low, as The Dencun upgrade has been important in this respect since it drives fees down yet another level.”
Indeed, the Dencun upgrade that went live on March 13 readies the stage for protodank sharding . It’s been noted that this will finally lower Ethereum’s high layer-1 fees .
“This may not seem important to those who are used to paying five bucks for gas, but this is critical for enterprises that are thinking about millions or eventually hundreds of millions of transactions,” said Brody.
According to Brody, scalability and low gas fees are essential for high volumes of business transactions.
Additionally, he pointed out that the Ethereum L2 ecosystem is maturing .
“L2s are finally starting to differentiate,” he said. “For instance, L2s will start to serve more specialized purposes, which will include the specific requirements of enterprises.”
L2s focused on enterprise needs are still a developing concept. Yet, Brody noted that the L2 developed by EY – known as “Nightall” – has been solving a specific business problem since its inception in
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