Bill provides updates on the current state of the economy and the upcoming Ethereum upgrades. Some of the key highlights of the session are below:
Macro Update - According to the latest release of the S&P Flash US PMI Index, business activity has declined significantly over the past two years. The PMI has fallen to its lowest level since May 2020, and new business at service providers has shrunk significantly since the early months of the COVID-19 pandemic. Job growth has slowed, manufacturers and service businesses are being cautious with hiring, we are also seeing significant layoffs in the tech sector. The Federal Reserve has raised rates by 50 basis points, but more rate hikes are expected.
ETH Update - Ethereum developers have announced plans to upgrade the network, the Shanghai update in March 2023, which will allow for the withdrawal of staked ETH. There is concern among some Ethereum users that enabling withdrawals may lead to a large number of stakers withdrawing their deposited ETH, which could negatively affect the altcoin's price. The next planned upgrade in November 2023, EIP 4844, will include upgrades that will lead to Sharding and would significantly reduce the cost of L2 transactions, making it easier to further scale the Ethereum network.
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