Total Ethereum (ETH) Staked Sees Over 100% Increase in Year Leading Up to the Me

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The Daily Hodl
Total Ethereum (ETH) Staked Sees Over 100% Increase in Year Leading Up to the Merge: Crypto Analytics Firm
Daily Hodl Staff September 2, 2022
A market intelligence firm says that the total amount of Ethereum (ETH) staked has more than doubled in the year leading up to the top altcoin’s much-anticipated merge.
According to crypto insights firm Arcane Research, the total amount of staked ETH has seen over a 100% increase from 6.5 million to 13.4 million in the last year despite the leading smart contract platform taking a 51% drop in price.
ETH’s transition from a proof-of-work mechanism to a proof-of-stake one will considerably alter how the blockchain operates as it will rely on validators to secure the network rather than token miners.
“Scheduled for September 15, the merge is fast approaching and will drastically change Ethereum’s economy. Instead of miners securing the network, it will rely on validators staking ETH to the network, allowing them to run block-producing nodes and earn staking yields.”
Arcane Research’s data reveals that roughly 10% of Ethereum’s total supply has been staked in anticipation of the merge.
The crypto analytics company goes on to debunk fear centered around a massive dump of ETH after the ability to withdraw staked Ethereum becomes unlocked. Currently, staked ETH tokens are locked in place and cannot be moved.https://cryptonews.net/11720883/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared