- Ethereum’s ERC-4337 has been deployed on the Ethereum mainnet, implementing a new token standard on the blockchain.
- Silvergate bank’s warning about possible inquiries from bank regulators and the US Department of Justice have resulted in a vast majority of crypto clients leaving the bank.
- The FUD from Silvergate’s announcement has triggered a decline in Bitcoin and Ethereum prices, ETH nosedived 4.5%.
An Ethereum token standard ERC-4337 was quietly deployed on the mainnet earlier this week. It remains to be seen whether the deployment can aid the recovery of ETH after the decline in the altcoin’s price with uncertainty surrounding Silvergate bank.
Also read: Why analysts believe Bitcoin is going to zero, will BTC price nosedive?
Ethereum’s ERC-4337 has been deployed on the mainnet
An Ethereum network upgrade EIP-4337 quietly went live on the mainnet blockchain. The update ushers in a number of improvements for the ETH ecosystem. On March 1, EIP-4337 deployed on the Ethereum mainnet, the standard was initially proposed in September 2021.
The rumors are true... ERC-4337 has been deployed on mainnet
— erc4337 (@erc4337) March 2, 2023
Security audit by @OpenZeppelin
️ Bundlers and paymasters by @stackup_fi, @AlchemyPlatform, @biconomy , @etherspot, @candidewallet, @blocknative & more
️ $300K in grants by @ethereum pic.twitter.com/WOjMvaZe6M
The proposal describes the upgrade as an account abstraction which completely avoids consensus-layer protocol changes instead of relying on higher-layer infrastructure. Account abstraction essentially allows ETH wallets to operate as programmable smart contracts. This would enable users to recover lost private keys, among other benefits.
Silvergate FUD drives ETH price lower
The recent announcement from Silvergate bank regarding likely regulatory and other investigations from bank regulators and the US Department of Justice have resulted in uncertainty among crypto market participants.
The Fear, Uncertainty and Doubt (FUD) in the crypto ecosystem has negatively influenced Ethereum price, resulting in a 4.5% loss overnight. It remains to be seen whether the implementation of the ERC-4337 protocol will begin a recovery in Ethereum.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move

Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year.
Cardano price rallies with surge in DEX volume and new meme coin launch

Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million.
Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges

The reserve of Shiba Inu tokens across cryptocurrency exchange platforms has consistently declined between March and May. SHIB holders have pulled 44.53 trillion tokens off exchanges.
XRP likely set for price rally as network activity heats up

XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.
Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.