Top 24 Ethereum & Blockchain Updates in 2024

2024 has been a WILD ride for Ethereum and the blockchain world. From jaw-dropping innovations to heated debates that had the community buzzing, this year truly had it all.

So, why not take a trip down memory lane? In this article, we’re diving into “24 in 2024” – a collection of the biggest, boldest, and most surprising moments that shaped Ethereum this year. Whether it’s about the tech, the people, or the unforgettable milestones, we’ve got all the highlights covered.

Grab a coffee, sit back, and let’s relive the moments that made 2024 unforgettable for Ethereum!

1. Goodbye Goerli, Hello Holesky

2024 marked a pivotal moment for Ethereum developers as the Goerli testnet prepared for its final upgrade on January 17th, signaling the end of an era. Initially launched in 2018 to provide a multiclient environment for testing decentralized applications, Goerli faced challenges with scalability and token shortages as developer demand surged.

Enter Holesky: Ethereum’s next testnet, built from the ground up with Proof-of-Stake and designed to overcome Goerli’s limitations. Holesky’s innovative features ensure smoother testing, abundant token availability, and energy efficiency, setting the stage for the next generation of Ethereum development.

2. Dencun Upgrade: A Step Forward for Ethereum

2024 saw Ethereum's Dencun upgrade making waves, despite a few bumps along the way. Initially delayed on the Goerli testnet due to a Prysm bug, the issue was swiftly resolved by Ethereum devs, highlighting the network's robust debugging systems. Once live on the mainnet, Dencun promises reduced Layer 2 transaction costs and introduces features like self-destruct limitations and new staking pool capabilities. With EIP-4844 at its core, this upgrade sets the stage for more efficient and affordable blockchain solutions.

3. Introduction of Proto-Danksharding: An early version of sharding to improve data availability.

EIP-4844, or Proto-Danksharding, marked a major milestone in Ethereum's journey toward greater scalability in 2024. This upgrade introduced "blobs," a new data type enabling cheaper and more efficient data availability for Layer 2 rollups. By decoupling blob gas pricing from general Layer 1 gas and temporarily storing data on consensus nodes, rollups can significantly reduce transaction costs.

3. Sepolia Incident

A significant Ethereum vulnerability was discovered, affecting RPC communication between the Execution and Consensus Layer clients from the Merge until the Dencun hard fork. Attackers could craft blocks exceeding the RPC size limits of certain clients, causing chain forks and block rejections. This vulnerability arose because some blocks were accepted by a minority of nodes while rejected by others. Initially, it was believed the attack required modified clients, but it was later found that high-paying transactions could trigger the issue. The Ethereum team responded by updating RPC limits across all clients, resolving the issue and improving network security.

4. U.S. SEC Approves First Spot Ether ETFs

2024 saw a groundbreaking moment as the U.S. SEC approved the first spot Ether exchange-traded funds (ETFs).

This move signaled a significant step toward mainstream adoption of Ethereum, providing institutional investors a regulated way to gain exposure to Ether, potentially boosting its market presence and liquidity.

5. Electra: The Next Star in Ethereum’s Journey

Following the Deneb upgrade, Electra focuses on refining how Ethereum processes transactions, validates blocks, and achieves consensus.

The upgrade includes carefully selected Ethereum Improvement Proposals (EIPs) aimed at boosting network functionality, security, and efficiency. With a dedicated page tracking proposed changes, Electra reflects Ethereum’s commitment to evolving its infrastructure and maintaining its leadership in blockchain innovation.

6. MiCA Rules Take Effect in EU

The EU advanced its crypto regulation with the Markets in Crypto Assets (MiCA) framework. MiCA’s stablecoin rules took effect on June 30, 2024, leading some exchanges to restrict stablecoin access for EU customers. Circle, however, achieved EU compliance for its USDC stablecoin, ensuring its availability under the new regulations.

6. Pectra Announcement

The Pectra upgrade is a major upcoming network improvement for Ethereum, combining the Prague and Electra upgrades. It aims to bring significant changes to both the Execution and Consensus layers of the Ethereum network. Initially planned to include 11 Ethereum Improvement Proposals (EIPs), the scope of Pectra has been reduced, with some EIPs being moved to the upcoming Fusaka upgrade (a combination of Fulu and Osaka). The development team is currently focused on Pectra Devnet 5, having finalized the specifications for Devnet 4. This upgrade is designed to improve Ethereum's performance, scalability, and user experience.

7. Uniswap's Introduction of Unichain

Uniswap’s Unichain was introduced as a new Layer 2 solution aimed at improving transaction speed, cross-chain swaps, and reducing costs by 95% compared to Ethereum's Layer 1. The community, however, raised concerns over how Unichain would handle Maximal Extractable Value (MEV). Unlike other platforms that funnel MEV to insiders, Unichain's decentralized validation network ensures fair transaction ordering, putting users in control of their MEV and promoting a more equitable DeFi ecosystem.

8. Devcon 2024: Ethereum Community Unites in Bangkok

November 2024 brought the Ethereum community together in Bangkok for Devcon SEA, one of the most anticipated events of the year. Developers, researchers, and enthusiasts from around the world gathered to share insights, unveil innovations, and strengthen the Ethereum ecosystem.

With a focus on collaboration and regional growth, Devcon SEA showcased Ethereum's global reach and its role in driving decentralized innovation in Southeast Asia and beyond.

9. Launch of Mekong Testnet

The Mekong testnet was launched by Ethereum to allow developers and stakers to preview upcoming changes in the Pectra upgrade. It tested key features such as improved wallet UX (EIP-7702), updates to Ethereum staking (including deposit and exit mechanisms, EIP-6110 and EIP-7002), and streamlined processes for stakers. Mekong served as a short-lived but valuable test environment before these features were rolled out on Ethereum’s main network.

10. Beam Chain Announcement

Beam Chain is a proposed overhaul of Ethereum's consensus layer by Ethereum researcher Justin Drake. The consensus layer is responsible for ensuring that all participants in the network agree on the state of transactions and blocks in the blockchain. While Ethereum's Beacon Chain has served as the backbone of this system, it hasn't undergone significant changes in five years. Beam Chain aims to incorporate the latest research and advancements to upgrade Ethereum's consensus layer, enhancing its efficiency, security, and scalability.

11. Vitalik Buterin's Vision for Ethereum as the 'World Computer'

Vitalik Buterin’s talk at Devcon 2024 in Bangkok highlighted Ethereum’s evolution into a decentralized "World Computer." He discussed Ethereum’s shift from Proof of Work to Proof of Stake, improving sustainability, security, and decentralization. Buterin also emphasized the role of Layer 2 solutions in reducing transaction costs, making Ethereum more accessible. He concluded by outlining Ethereum’s broader societal impact, supporting both financial and non-financial applications for public goods and inclusivity.

15. Banks Dive into Blockchain Transformation

Citi, JPMorgan, and SIX are embracing blockchain to modernize traditional finance (tradfi). These major players are investing heavily in tokenization and digital asset infrastructure, creating seamless connections between old systems and new technologies. The shift highlights blockchain's growing role in the core operations of global finance.

16. Rumble Secures $775M Investment from Tether

Video-sharing platform Rumble announced a $775 million strategic investment from blockchain platform Tether, boosting its stock by 43.7%. Despite Tether gaining a minority stake, Rumble CEO Chris Pavlovski will retain control. Proceeds will support a self-tender offer for up to 70 million shares.

17. California DMV Utilizes Blockchain to Digitize Car Titles

California's DMV has digitized 42 million car titles using Avalanche blockchain technology to combat fraud and streamline title transfers. Residents can access digital titles via a mobile app launching next year. The initiative, in partnership with Oxhead Alpha, marks the first U.S. blockchain-based vehicle title system, reducing in-person DMV visits and enhancing transparency to prevent lien fraud.

18. AI in Blockchain

In 2024, AI and cryptocurrency transformed industries with groundbreaking advancements. AI-powered decentralized systems like zkML enhanced data privacy and scalability, while blockchain enabled transparent financial services through DeFi. Innovations like Fetch.ai and Bittensor promoted AI development via blockchain rewards. Real-world applications expanded in healthcare, gaming, and supply chains, leveraging secure data processing and autonomous operations. Despite challenges like privacy concerns and scalability, evolving protocols and regulations addressed key issues. This synergy between AI and blockchain set the stage for future innovations, driving efficiency, transparency, and decentralization across diverse sectors.

18. Introduction of Women in Ethereum Protocol(WiEP)

Women in Ethereum Protocol (WiEP) is an exciting community dedicated to fostering gender diversity within the Ethereum ecosystem. Launched by the Ethereum Foundation and Ethereum Cat Herders, WiEP is all about empowering individuals of all genders in the world of blockchain technology. Their mission is to create an environment where everyone feels valued, inspired, and supported, ensuring that diversity becomes a natural part of Ethereum’s growth. By encouraging collaboration and innovation, WiEP is paving the way for a more inclusive and decentralized future in the Ethereum space.

Read more at WiEP Handbook

19. EIPsInsight Unwind

One of the standout moments for the Ethereum community was the rise of EIPsInsight! It reshaped how proposals were tracked and managed, offering intuitive dashboards, GitHub analytics, and trend insights. It empowered developers, editors, and enthusiasts to collaborate and stay informed like never before. Not a direct part of Ethereum's official ecosystem, but undeniably a game-changer, EIPsInsight became an essential ally for navigating EIPs, ERCs, and RIPs efficiently. A transformative addition to Ethereum governance tools!

20. Trump's Crypto Advocacy Post-Election

U.S. President-elect Donald Trump plans to reshape the crypto landscape, pledging to halt regulatory crackdowns, free Silk Road founder Ross Ulbricht, and explore innovative crypto use cases like national debt alleviation. His administration aims to enact crypto-friendly policies and comprehensive regulations, signaling a transformative era for the industry.

21. EIP-7702 & Account Abstraction

Ethereum introduced EIP-7702, a game-changer for account abstraction, which allows users more flexibility and security in managing their accounts. This update enables users to bundle multiple operations into one transaction, making interactions smoother and more efficient. It also brings the possibility of sponsorship, where one account can pay for another's transaction, and allows users to delegate specific permissions, giving them finer control over their accounts. This marks a significant step towards a more user-friendly and secure Ethereum network, with a focus on enhancing both functionality and usability.

22. Applications live the Next Billion Fellowship Program!

The Next Billion Fellowship Program is now accepting applications for its fifth cohort! This program highlights the human stories of how Ethereum is helping communities solve real-world challenges. Fellows receive project funding, mentorship, and access to a vast network, along with opportunities for exposure. If you're working on impactful projects that use Ethereum to drive change, this is your chance to join a community of innovators. Apply by January 12, 2025, and if you're too late, don’t worry—applications for the next cohort will still be considered.

23. The Ethereum.org Translatathon

The Ethereum.org Translatathon is one of the major events of 2024, returning this August! This is your chance to contribute to the Ethereum ecosystem by translating Ethereum.org content into your native language. Not only will you help make Ethereum more accessible globally, but you'll also compete for exciting prizes, with a share of a $30,000 prize pool up for grabs.

24. Nyota Interop Recap ✨

In May 2024, Ethereum’s core developers and researchers gathered for the Nyota interop event, focusing on multi-client interoperability for the Pectra network upgrade, PeerDAS, and the Verge. Alongside this, the first-ever Frontiers Africa event brought together over 350 local builders and core Ethereum contributors, strengthening the connection between Africa’s growing Ethereum community and the global ecosystem.

During Nyota, technical tracks like Pectra, Verkle, and PeerDAS saw significant progress, with a successful devnet-0 and improved implementation across teams. The event ended with breakthroughs, including an execution layer-triggered withdrawal test and new drafts for important EIPs. Moving forward, teams will continue refining specs and preparing for upcoming network upgrades.

Phew, what a year it’s been for Ethereum, right? From milestone upgrades to seeing the community come together like never before, 2024 was one for the books. Sure, there were challenges—because what’s innovation without a few hurdles? But the resilience and creativity of the Ethereum ecosystem showed us what’s possible when you have a global community united by a shared vision.

So, what’s next? Well, if 2024 taught us anything, it’s that Ethereum doesn’t just evolve—it thrives. As we step into 2025, there’s so much to look forward to, whether it’s more scaling solutions, decentralized tools, or who knows, maybe even another set of surprises that’ll blow our minds.

Here’s to the journey ahead, and as always, to Ethereum’s unstoppable drive toward a decentralized future!