Ethereum, the largest altcoin, continues to take steps to complete the long-awaited “merge” to ETH 2.0. However, what was originally scheduled for June was postponed. Currently, there is no final deadline for complete results. Nevertheless, it did not completely stop validators from betting their share and showing off their support.
how is it?
Well, first, despite the ups and downs, the merging on the move has brought great benefits to the largest altcoin network. As the Ethereum network accelerates its transition to ETH 2.0, investors have been preparing for the staking function by continuing to deposit Ethereum.
As of May 26, the total ETH 2.0 deposit agreement is Achievement As the data provided by Glassnode shows, we have set a new record high of 12,680,930 ETH.
Source: Glassnode
A deposit agreement is where Ethereum investors send Ethereum if they want to invest in the network and receive rewards as well. The upgrade is in line with Ethereum’s ongoing transition to transforming the network into a proof of stake. This shift is expected to make Ethereum an energy efficient ecosystem.
In addition to this, given the increased capacity of the holders, the number of addresses has witnessed a similar scenario. For example, the number of ETH addresses holding more than 100 coins reached a record high of 43,297 in a year. The above mark did not exactly match the previous ATH, but at least the investors had hope.
Source: Glassnode
Here is another positive sign. The number of non-zero Ethereum addresses reached a record high, as it did at this time last year. According to the blockchain data site Glassnode, there are currently over 81 million addresses holding some of the second largest cryptocurrencies by market capitalization.
Source: Glassnode
These developments, coupled with the recent decline in tariffs, can quickly lead to price increases.
Possibility of delay …?
The Ethereum network has witnessed a temporary interruption on its way to its destination. The Ethereum Beacon Chain, which is essential for the Ethereum Merge scheduled for later this year, has experienced a potentially high level of security risk known as the blockchain “reorganization”.
The Ethereum Beacon Chain experienced a deep reorganization of 7 blocks about 2.5 hours ago. This shows that we are revisiting the node’s current authentication strategy and expecting the chain to be more stable. (Proposal already exists) pic.twitter.com/BkQrKuUlw1
— Martin Köppelmann ?? (@koeppelmann) May 25, 2022
This error can be caused by a network failure such as a bug or a malicious attack and can temporarily duplicate the blockchain version. The longer the reorganization, the more serious the consequences. To make matters worse, ETH plummeted to the lowest level against Bitcoin in October 2021.
With today’s pullback, the dollar value of ETH plummeted by 7%, leaving about $ 86 million in a liquidated position.
