Tron founder and CEO Justin Sun is yet again challenging his nemesis Vitalik Buterin co-founder of Ethereum with the latest announcement.
On May 23, Sun took to Twitter to write three magical words that got both sides to start dissing each other. These three words involved nothing more than “Tron 4.0 is coming.”
TRON 4.0 is coming!
— Justin Sun (@justinsuntron) May 23, 2020
Although no details are shared, the fact that Tron is on its way to 4.0 version while Ethereum hasn’t even released 2.0, whose launch date has been delayed numerous times, has the community congratulating Sun.
Start of the Alts rise
Some are ecstatic about this development while others are calling for a pump.
The 16th largest cryptocurrency by market cap is currently trading at $0.150, up 3.44%. So far in 2020, TRX reported gains of just over 11% but is still down 95% from its all-time high.
— TraderArjun (@arjunkkohli) May 23, 2020
Meanwhile, the second-largest cryptocurrency is trading at $206, up 2.22%. Down 87% from its peak, Ether has recorded over 58% gains YTD.
Dominance chart looks cooked.
This is the start of the Alts rise, with ETH leading the alts market.
Mini alt season followed by the big Alt season by Sept.
Nevertheless looking at the monthly we have a nasty bearish wick. pic.twitter.com/tmADpZqQae
— Wolf (@IamCryptoWolf) May 23, 2020
Eth 2.0 testnet gaining support
There is also a group that is not feeling Sun’s latest announcement.
“When you try competing with ETH 2.0, so you invent some bogus update for your shitcoin,” wrote Crypto Whale.
Eth 2.0 is still struggling with its launch date which was already rescheduled, after many times for June 2020 but this again is “carefully” optimistic.
This delay involves fixing the bugs, multi-client paradigm, and management problems among other issues.
However, the Ethereum 2.0 testnet Topaz run by Prysmatic Labs is making a lot of progress. Nearly 30,000 validators are now staking over a million ETH, worth more than $200 million.
Although Prysmatic Labs remains a major contributor to the project, controlling 47% of the network, this domination is slowly decreasing, already down from 53% from the beginning of May. Crypto exchanges like OKEx are also becoming validators to stake Eth and keep the testnet running.
Eth 2.0 is a complex upgrade and has been in the works for many years now. This upgrade will make the blockchain more scalable, essential for the network as it is running almost 100% at capacity. The transition from PoW to PoS will also allow users to stake their funds, the first milestone of this phase.
Amidst the increasing interest in Eth 2.0 testnet, the number of addresses holding more than 100 coins have reached an all-time high of 47,722 on May 21.
Also, the unique Ether addresses are close to reaching 100 million, currently at 98.25 million addresses, as per Etherscan.
Meanwhile, the total number of accounts on the Tron network has surpassed 5.9 million, as per Tronscan. The number of Dapps on the network has also climbed to 763.
“The TRON ecosystem is growing at a steady pace, we welcome more developers and users to join our community,” said Sun about the ongoing developments.