On June 30, Ethereum developers delayed the network difficulty bomb through the Gray Glacier update, which means The Merge will not happen until at least September 2022 This means that The Merge will not happen until at least September 2022. Meanwhile, there are over 13 million Ethereums locked in the Beacon chain, worth $15.8 billion using today’s prices.
More than 13 million ether deposited in ethereum 2.0 contracts worth $15.8 billion
This week,ETH 2.0 contracts totaling more than 13 millionETHwere deposited; ETHwas deposited and there are currently 406,640 validators. Eventually, the Ethereum (ETH) blockchain is expected to transition to a proof-of-stake (PoS) chain. Currently, the network employs a hybrid system of both Proof of Work (PoW) for the main chain and PoS for the beacon chain. At the time of this writing, there are13,012,469ethers locked toETH, with a total ofethers locked toETH, with a total ofethers locked toETH. 2.0 contracts worth over $15.8 billion using the currentETHexchange rate; over $15.8 billion worth of ETH
$13 million ofETHcomes from 76,506 depositor addresses, which in total represents 10.88% of today’stotal ETHsupply, according to Dune Analytics statistics. 10.88% of today’s ETHsupply, according to Dune Analytics statistics
. 31.73% of the share is staked through the liquid staking application Lido; in addition to Lido, companies such as Kraken, Staked.us, Stakefish, Bitcoin Suisse, and Figment offer large staking services. offer large scale staking services. Many thought the PoS transition known as The Merge could happen in August, but the difficulty bomb update has made The Merge even more remote.
Ethereum Devs Aim to Avoid Network Degradation Due to a Premature Activation of Difficulty Bomb
Aiming to Avoid Degradation Due to a Premature Activation of Difficulty Bomb
On June 30, Ethereum’s network was upgraded to Gray Glacier with a block height of 15,050,000 to postpone the difficulty bomb for 100 days.” The Gray Glacier network upgrade changes the parameters of the Ice Age/Difficulty Bomb, pushing it back by 700,000 blocks, or roughly 100 days,” Ethereum developer Tim Beiko on June 16, 2022 disclosed.” InLopsten is now moving to proof-of-stake. Difficulty bombs only affect the ethereum mainnet. That means Gray Glacier will not be deployed on any test net,” he added.
In addition todelays,delays, Ethereum’s network fees remain low, with theaverage network feeat the time of writing being 0.0018ETHor $2.16 per transaction It is. Today,the median sizeis 0.00078with the Ethereum network fee of ETHor $0.955 per data transfer. Additionally, since August 5, 2021, i.e. since the implementation of EIP 1559, approximately$2,523,831 ETHworth $8.4 billion has been destroyed.
Essentially, adifficulty bombis “a planned exponential increase inproof-of-work Difficulty setting is designed to motivate the transition to proof-of-stake, reducing the likelihood offorking.” The EIP 5133 note explains that the motivation for the delay is “to avoid network degradation due to premature activation of difficulty bombs.”
What do you think about Ethereum developers delaying the difficulty bomb, and when do you expect Ethereum to transition to a full PoS chain? Let us know your thoughts on this subject in the comments section below.
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