Around 36,000 ETH have been added every week, and 153,000 new ETH have been staked since August
Ethereum continues to achieve new milestones ahead of the widely anticipated “merge” release. To be precise, there are now 13,343,768 addresses for ETH 2.0 deposit contracts. Deposit contracts on Beacon Chain allow ETH holders to lock in their assets prior to transition.
According to OKLink, the number of ETH 2.0 deposit contract addresses has reached 13,343,768, and the stake has exceeded 11.17%. Around 36,000 ETH have been added every week, and 153,000 new ETH have been staked since August. https://t.co/7d7g91WlDS pic.twitter.com/zDbWYByDz6
— Wu Blockchain (@WuBlockchain) 22 August 2022
as reported by Colin Wu“According to OKLink, the number of ETH 2.0 deposit contract addresses has reached 13,343,768, with a stake rate of over 11.17%. About 36,000 ETH have been added every week, and 153,000 new ETH have been staked since August Is.”
The envisaged increase in staking APR post-merge may be responsible for the increase in stake rate.
The Goerly testnet merge was completed on August 10, the final test before switching from Proof of Work (PoW) to Proof of Stake (PoS) on the mainnet (also known as the merge). It is now speculated that Ethereum will complete the merge on or around 15th September (TTD 58750000000000000000000). With this achievement, the energy usage of the Ethereum network will be reduced by 99.95% compared to PoW.
Ethereum clears up misconceptions before ‘merge’
In the face of great expectations regarding the merge, Ethereum is ready to dispel some myths. There’s no doubt that the APR for stakers is expected to increase after the merger, but it’s still unclear how much.
It added that the increase in APR does not come from an increase in the issuance of protocol ETH, but as a result of the redistribution of transaction fees, which will now go to validators rather than miners.
This refutes speculation that post-merger APR is expected to triple, adding that recent estimates suggest post-merger APR has increased by 50% instead of 200%.
Additionally, it refutes the notion that staked ETH can be withdrawn after a merge, saying that staked ETH, bet rewards received so far and newly issued ETH immediately after the merge are all The beacons will remain closed on the chain without the option to withdraw.
Instead, withdrawals are scheduled for the Shanghai update, which will come after The Merge as the next significant upgrade. This indicates that newly issued ETH after the merger will be locked and unliquidated for at least 6 to 12 months, even if deposited on the beacon chain.