Ethereum 2.0 deposits have increased dramatically over the past few weeks as Ethereum (ETH) prepares for the much-anticipated merge upgrade next month.
according As of August, there are 13,343,768 ETH 2.0 deposit contract addresses for Woo Blockchain, with a stake value exceeding 11.17%. On average 36,000 new ETH are added every week.
Last week, the last testnet for the merge went live goerley on 11 August. Testnet is a public Ethereum network used by developers to test upcoming hard fork upgrades. As a result of the Goerly consolidation, the price of Ethereum has seen a significant increase in the past few days.
The merge is noted as one of the most significant events in Ethereum as the consensus layer transitions from a proof-of-work to a proof-of-stake system.
And the coming month is shaping up to be eventful as the network undergoes one of its biggest changes to date.
Chainlink to support Ethereum POS
Chainlink announced that it plans to support Proof-of-Stake (PoS) after the merger.
Ethereum is currently switching from a network that requires miners to validate transactions (proof-of-work), an energy-draining process where so-called validators “stake” Ethereum tokens instead. Give the transaction a chance to be validated (Proof-of-Stake).
Furthermore, Chainlink assured the community that the protocol and its services will remain operational during and after the Ethereum merger.
In order to protect its users, it is recommended that customers with decentralized applications and smart contracts who are unsure of the impact of the merge on their business operations should stop operations.
Smart contracts deployed on a proof-of-work blockchain may not always behave as expected. All developers using Chainlink’s Oracle in their smart contracts should test whether the service is working correctly before and after the implementation of the merge.
What’s next after the merge?
Two additional testnets will be monitored for the Ropsten merge: Goerly and Cepolia. So far, Ethereum has explored merge implementations on Kintsugi and Kiln on Ethereum.
On the other hand, not all these changes have affected the Ethereum mainnet. As a result, Ether holders and network users will not be penalized until the main event of this summer.