Why Ethereum Price Will be Propelled Higher by Growing Institutional Interest

The price of Ether continued to rise this week, but the gains were short-lived as ETH fell lower quickly to $1,510. ETH/USD is now trading at $1,528.12 which is down by 3% in 24 hours and has been increasing by 10% in the past week.

Ethereum Soulbound Web3 Identification Protocol Announcement

According to a press release on January 17, Masa Finance, the first Ethereum Virtual Machine (EVM), has announced the first soulbound identification protocol for the Ethereum mainnet. The platform will facilitate the creation of standard soulbound tokens for Know Your Customer (KYC) verification, credit ratings, and other use cases on Ethereum.

Moreover, the mainnet launch of Masa Soulbound Identity requires the development of an on-chain Soulbound Token protocol and the design of such a protocol to improve the Web3 ecosystem.

According to a press release from Masa’s co-founder Brendan Playford, identification should be as easy for users to create as an NFT and for developers to deploy as an ERC-20 smart contract.

The project that is offering this new protocol will allow you to develop tokens on Ethereum or all ERC-20 tokens. This could, in turn, be very beneficial for all Ethereum users and there are many benefits including price stability and much more.

Shanghai Update

At the time of writing, the number of Ethereum (ETH) validators was 502,636, according to BeaconScan statistics. It fueled excitement for the next update. For the Shanghai upgrade, a hard fork scheduled to occur in March 2023, Ethereum developers set up a new testing network on January 11, and the new testing environment for developers is known as devnet 2.

In the Shanghai update, several Ethereum Improvement Proposals are included. The upgrade launches the “Surge” phase of the ETH cycle, which attempts to enhance the infrastructure and scalability of the network.

The Ethereum team reached the milestone of implementing the Shanghai hard fork on time. This…