2 years ago
On June 30, Ethereum developers delayed the network’s trouble weaponry via the Gray Glacier update, which means The Merge won’t hap astatine slightest until September 2022. Meanwhile, there’s present much than 13 cardinal ethereum locked into the Beacon Chain worthy $15.8 cardinal utilizing today’s prices.
More Than 13 Million Ether Worth $15.8 Billion Deposited Into the Ethereum 2.0 Contract
This week the ETH 2.0 declaration has seen a full of much than 13 cardinal ETH deposited and determination are present 406,640 validators. In time, the Ethereum (ETH) blockchain is expected to modulation to a proof-of-stake (PoS) chain. Currently, the web has a hybrid strategy of some proof-of-work (PoW) for the main chain, and PoS for the Beacon chain. At the clip of writing, the 13,012,469 ether locked into the ETH 2.0 declaration is worthy much than $15.8 cardinal utilizing existent ETH speech rates.
The 13 cardinal successful ETH stems from 76,506 depositor addresses and the aggregate represents 10.88% of the full ETH proviso today, according to Dune Analytics statistics. 31.73% of the stock is staked via the liquid staking exertion Lido. Besides Lido, different ample staking services see companies similar Kraken, Staked.us, Stakefish, Bitcoin Suisse, and Figment. While galore thought the PoS transition, different known arsenic The Merge, would perchance hap successful August, the trouble weaponry update has pushed The Merge further away.
Ethereum Devs Aim to Avoid Network Degradation Due to a Premature Activation of the Difficulty Bomb
On June 30, the Ethereum web updated to Gray Glacier astatine block tallness 15,050,000 which pushes the trouble weaponry backmost by 100 days. “The Gray Glacier web upgrade changes the parameters of the Ice Age/Difficulty Bomb, pushing it backmost by 700,000 blocks, oregon astir 100 days,” Ethereum developer Tim Beiko disclosed connected June 16, 2022. “With Ropsten present transitioned to proof-of-stake, the trouble weaponry lone affects the Ethereum mainnet. This means Gray Glacier volition not beryllium deployed connected immoderate testnet,” helium added.
In summation to the delay, Ethereum web fees person remained low and astatine the clip of writing, the average web fee is 0.0018 ETH oregon $2.16 per transaction. Today, a median-sized Ethereum web interest is 0.00078 ETH oregon $0.955 per information transfer. Furthermore, since August 5, 2021, oregon since the implementation of EIP 1559, astir 2,523,831 ETH worthy $8.4 cardinal has been destroyed.
Essentially, the difficulty bomb is simply a “Planned exponential summation successful proof-of-work difficulty mounting designed to motivate the modulation to proof-of-stake, reducing the chances of a fork.” EIP 5133’s notes explicate the information down the hold is to “avoid web degradation owed to a premature activation of the trouble bomb.”
What bash you deliberation astir Ethereum developers delaying the trouble bomb? When bash you expect Ethereum to modulation to a afloat PoS chain? Let america cognize your thoughts astir this taxable successful the comments conception below.
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