Hot Tokens Learning Week 14: Glamsterdam Set to Be Ethereum's Most Closely Watched Upgrade in 2026

Overview

1. Ordinals/Runes continue to drive block fee revenue and developer activity, and are seen as the starting point for Bitcoin's "native asset issuance". Layer 2 and BTCFi are the most exciting areas for the community.

2. Glamsterdam is the most closely watched upgrade of 2026, focused on Layer 1 native Layer 1 scaling for Ethereum, with a target launch in June.

3. TRX has emerged as a leading global infrastructure for stablecoin settlement and is often referred to as the "King of Stablecoins".

4. Monero (XMR) is the world's leading privacy‑focused cryptocurrency.

5. XRP is the native digital asset of the XRP Ledger (XRPL), developed and promoted by Ripple Labs.

BTC

Project Overview

Bitcoin is the world's first decentralized cryptocurrency and is dubbed "digital gold". It operates independently of any bank, government, or central authority and instead enables peer-to-peer (P2P) value transfer through blockchain technology.

On-Chain Data and Ecosystem Development

Long-term holders (inactive for over 1 year) account for a high proportion of the supply, while miner net position changes point to increasing accumulation (with eased selling pressure following the halving). Although exchange inflows occasionally spike, the broader trend still shows signals of institutional or whale accumulation. These data suggest that the network's fundamentals remain solid. Activity is largely driven by institutions and long-term holders, while speculative fervor has cooled from its peak in 2025, with no clear signs of a market collapse.

On-chain data indicate that the Bitcoin network is both healthy and maturing (characterized by a high hash rate and long-term holder dominance). Meanwhile, the ecosystem is evolving from the "inscription boom" driven by Ordinals/Runes toward a more utility-oriented phase powered by Layer 2 and BTCFi. Compared with Ethereum, Bitcoin places greater emphasis on security and decentralization. Its scaling path is more gradual, but with substantial long-term potential.

Community Views

Although the hype around Ordinals/Runes has dropped from its peak during 2023–2024, they continue to drive block fee revenue and developer activity and are seen as the starting point for Bitcoin's "native asset issuance".

Layer 2 and BTCFi are the most exciting areas for the community. Projects such as Stacks, Merlin Chain, and the Lightning Network are frequently mentioned. Users note that "seamlessly bridging BTC to Layer 2 for DeFi, lending, and staking is already a reality", with total value locked (TVL) seeing tremendous growth (some L2s have reached billions in scale). Many believe that "Bitcoin-native DeFi" will transform BTC from a pure store of value into a yield-generating collateral asset.

From an institutional perspective (e.g., Pantera, Galaxy, Grayscale), 2026 is seen as the "dawn of the institutional era". BTCFi, RWA tokenization, and stablecoin growth are expected to drive real utility across the ecosystem. Corporate Bitcoin reserves already account for a meaningful share of the circulating supply, with expectations of potential new highs and continued inflows.

Some critics argue that the ecosystem still leans heavily toward trading rather than real-world usage. While L2 expands functionality, trust assumptions and friction remain. Therefore, Bitcoin is still some distance away from everyday payments and applications. Compared with Ethereum and other chains, Bitcoin's gradual scaling approach is viewed by some as a strength (security), while others see it as a conservative burden.

ETH

Project Overview

Ethereum (abbreviated as ETH, symbol Ξ) is the world's second-largest cryptocurrency and the leading smart contract platform and underlying infrastructure for decentralized applications (dApps). It was proposed in late 2013 by Vitalik Buterin, who was just 19 at the time. In 2014, he published the Ethereum Whitepaper, outlining the vision of a Turing-complete blockchain platform capable of supporting smart contracts, which are self-executing code that operates without intermediaries.

Technical Developments

Two major hard forks are scheduled for 2026: Glamsterdam and Hegotá.

Glamsterdam (H1 2026, target launch in June): This is expected to be the most closely watched upgrade of 2026, with a focus on native Layer 1 scaling. Key components include:

Enshrined Proposer-Builder Separation (ePBS, native integration of block building to reduce MEV centralization risks); gradual gas limit increases (initially to 100 million, with a long-term target of 200 million); support for parallel execution and block-level access lists (enhancing synchronization efficiency and enabling parallel processing); gas fees expected to decrease by approximately 78% on average; throughput target approaching 10,000 TPS. Developer testnets (Devnets) have already entered late-stage testing. This upgrade is widely regarded as the most important L1 upgrade since The Merge.

Hegotá (also referred to as Heze–Bogota, H2 2026): Following Glamsterdam, this upgrade will focus on further advancements in privacy, censorship resistance, quantum resistance, and overall efficiency.

Community Views

Optimistic/Bullish Perspectives (mainstream view): Many developers and token holders believe Glamsterdam will reinvigorate Ethereum's L1 competitiveness, bringing lower fees, improved user experience (with further progress in account abstraction), and more efficient block building. Devnet-5 testing is currently underway, and the community is particularly excited about parallel execution and blob scaling, which are expected to drive further growth in DeFi, real-world assets (RWAs), and institutional adoption.

Cautious/Bearish Perspectives: Some core community members are concerned about the risks associated with an accelerated upgrade cadence (potentially multiple hard forks in 2026). There are also concerns that changes such as ePBS could intensify MEV-related dynamics or contribute to validator centralization, as larger operators may benefit from higher staking limits.

Overall, the community values Ethereum's "cautious, engineering-first delivery approach", though some feel the pace remains relatively conservative and is thus under pressure compared to faster-moving competitors like Solana.

TRX

Project Overview

TRON (TRX) is a high-performance Layer 1 public blockchain built on a Delegated Proof-of-Stake (DPoS) consensus mechanism, with a core mission to "Decentralize the Web". It is designed to deliver high throughput, low transaction fees, and smart contract functionality. In particular, TRX has emerged as a leading global infrastructure for stablecoin settlement and is often referred to as the "King of Stablecoins".

Community Views

Bullish perspectives: Many users and KOLs highlight that TRON is the "King of Stablecoins", noting that it processes nearly 46% of global USDT transfers, with daily volumes often reaching billions of dollars. This is widely viewed as real adoption rather than speculative hype. A common sentiment in the community is: "USDT on TRON = real; everything else = hopium". Active addresses, TVL, and usage of DeFi protocols like JustLend and SunSwap are frequently cited as evidence of network health. The community also believes TRON has created a barrier to entry in payment and remittance use cases across emerging markets such as Southeast Asia, Latin America, and Africa.

Cautious/bearish perspectives: Some observers point out that TRON's DPoS model relies on just 27 Super Representatives, raising concerns about centralization and challenging its claim of being the "most decentralized blockchain". Justin Sun's personal style and early controversies are still mentioned by some. In addition, regulatory risks (such as USDT freezes) and the network's heavy reliance on a single stablecoin (USDT) are viewed as potential vulnerabilities.

Overall, the TRON community is pragmatic and long-term oriented. While there is confidence in its moat in stablecoins and emerging-market payments, community members remain rational regarding its short-term breakout potential and decentralization purity. Compared to other public blockchains, TRON users tend to be more utilitarian, with discussions focused on real transaction volume and low-cost user experience, rather than narrative-driven hype.

XMR

Project Overview

Monero (XMR) is the world's leading privacy-focused cryptocurrency, built around the principle of Privacy by Default. It is often known as "truly anonymous digital cash". Monero differs from other transparent blockchains (such as Bitcoin and Ethereum) in that every transaction automatically conceals the sender, recipient, and transaction amount. This ensures a high degree of fungibility and untraceability.

XRP

Project Overview

XRP is the native digital asset of the XRP Ledger (XRPL), developed and promoted by Ripple Labs. XRPL is an open-source, decentralized, permissionless blockchain designed for cross-border payments, real-time settlement, and value transfer, often described as "bank-grade payment rails". XRP typically functions as a bridge currency that enables fast, low-cost conversions between different fiat currencies.

PEPE

Project Introduction

The PEPE project ($PEPE) is a classic representative of memecoins in the cryptocurrency space. It is a typical “culture + speculation” style memecoin and is regarded as one of the veteran leaders in the memecoin sector alongside Dogecoin and Shiba Inu.The PEPE founders emphasize the principle of “No Taxes, No Bullshit” (no transaction taxes, no nonsense), aiming to return to the purest form of meme culture and rejecting increasingly complex token economic models. The entire project is driven purely by community, social media virality, and market sentiment.

XAG

Project Introduction

XAG is the standard ticker code for silver, a traditional commodity, and has attracted significant market attention. In 2025–2026, silver has dramatically outperformed gold, driven by strong industrial demand from sectors such as solar energy, AI, and electronics, combined with safe-haven buying. XAG is widely regarded as one of the potential leading protagonists in the anticipated “2026 Super Squeeze.”