Ethereum Price Crosses $250, Founder Vitalik Buterin Praises Ethereum 2.0 Scaling Strategy

Over the last week, Ethereum (ETH) - the world’s second largest cryptocurrency - has been surging strongly going over $250 levels on Tuesday, June 2. Over the last week, ETH price has surged 25% showing signs of strong northward momentum.

At press time, Ethereum (ETH) is trading at a price of $237 with a market cap of $26.42 billion. Ethereum has been in news this year as analysts and investors have been eagerly waiting for the launch of Ethereum 2.0.

Ethereum 2.0 is an upgraded version of the popular Ethereum blockchain with a Proof-of-Stake (PoS) consensus model. Ethereum 2.0 aims to offer better scalability and performance and further expand the capabilities of several decentralized applications (DApps) running on its blockchain network.

Recently, Ethereum co-founder Vitalik Buterin applauded the launch of Layer 2 scalability solutions. On his Twitter account, Buterin wrote: “While everyone wasn't looking, the initial deployment of ethereum's layer 2 scaling strategy has *basically* succeeded. What's left is refinement and deployment”.

Besides, in his Twitter thread, Buterin also shared his views on the recent developments and challenges ahead. As per Buterin’s thread, the Layer 2 scalability systems are “near-ready” today, however, they are mostly limited to payments and decentralized exchange (DEX).

Buterin explained that DEX contribute to a large part of the Ethereum’s current activity and are the major gas guzzlers on the platform. Buterin also thinks that these applications can fir the implementations for plasma and rollups but will bring adoption challenges for the users along with.

While considering the deployment aspect, wallet providers and users have to choose these L2 solutions for carrying out their applications. Speaking on it, Buterin said: “The challenge is that users would need to have wallets where their coins are stored in a rollup (or plasma). This is an adoption challenge, not a technical challenge (CC @metamask_io@ethstatus…)”.

While this is just the initial milestone for Ethereum 2.0 there’s still some work left for the final launch. In fact, investors and enthusiast have been waiting for long to move to Ethereum 2.0.

Apart from the Ethereum 2.0 scalability, the platform will bring Sharding to increase the speed and capacity of transactions. Speaking on this matter, Buterin said: “Look forward to the future of Ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line)”.