Currently, the entire cryptocurrency market is discussing the Ethereum network’s much-awaited transition from proof-of-work (PoW) to proof-of-stake (PoS) which is scheduled for 15th September.
The developers are striving hard to make the merge a successful one, and the network’s staking activity has increased.
Although September did not start off well for the cryptocurrency space as a whole, it’s shaping up well for Ethereum in particular; the network saw a massive stake of 94,000 ETH on the first day of September itself! This is one of the largest single-day spikes in ETH staking since May 2022.
Though staking doesn’t bring in huge gains instantly, the activity has been rising recently. The staking activity not only gets us rewards but also supports security features for the network. At the moment, the Ethereum network is witnessing a spike of 11.3% staked Ethereum consensus layer contract addresses and it has hit 13.522 million.
Not Everyone Is Eager For The Merger!
May’s Terra (LUNA) collapse still haunts South Korean traders and investors. Hence, the country’s top five crypto exchanges: Upbit, Bithumb, Coinone, Korbit and Gopax are still not sure about Ethereum’s hard fork.
The DAXA, the joint consultative organization for digital asset exchanges, has revealed that the firm is analyzing the measures to assess the Merge and the hard fork. Meanwhile, Upbit’s official statement claims that the decision regarding airdrop is yet to be finalized and it’s not that easy to disclose details about the listing.
On the whole, the Merge is eagerly awaited in the crypto space. It will definitely improve the Ethereum network, however, it has brought about significant disturbance and conflicting opinions within the community.
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