Vitalik Buterin, co-founder of Ethereum, stated at the ETHGlobal Prague conference that the Ethereum network should aim to scale its capabilities by tenfold over the coming year. This scaling is necessary to address ongoing issues of congestion and high costs that the blockchain faces during periods of peak usage. Despite existing layer-2 solutions like Arbitrum and Optimism aimed at improving transaction speed and reducing costs, Buterin emphasized the importance of enhancing the layer-1 (L1) network directly. He acknowledged that while some in the Ethereum community aspired to scale by 1,000 times, he advocates for a more cautious approach to avoid centralization risks. Ethereum has seen a resurgence in value recently, trading above $2,500, although it remains significantly below its 2021 all-time high of $4,878. As the blockchain continues to be the foundation for decentralized finance (DeFi) applications and NFTs, improving its efficiency and reducing costs will be crucial for its future growth and competitiveness against networks like Solana.

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