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.
Developers are working hard to make the merge a success, 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.
Although placing bets does not immediately make huge profits, activity has been increasing recently. Staking activity not only rewards us but also supports the security features for the network. At the moment, the Ethereum network is seeing an increase of 11.3% of the staked Ethereum consensus layer contract addresses and has reached 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.
DAXA, a joint advisory organization for digital asset exchanges, has revealed that the firm is analyzing measures to assess merges and hard forks. Meanwhile, Upbit’s official statement claimed that the decision regarding the airdrop is yet to be finalized and it is not so easy to disclose the 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.
