Home Latest News ETH 2.0 is coming and $950M worth of inflows suggest…. – AMBCrypto...

ETH 2.0 is coming and $950M worth of inflows suggest…. – AMBCrypto News

Ads

Why a hike in Dogecoin [DOGE] adoption doesn’t tell us the whole story
Shiba Inu [SHIB] traders crank up bets on bulls but here’s the catch
Here’s how Bitcoin miners are really dealing with market pressure
WAVES makes a big splash, but here’s why volumes could be key
Bitcoin: The cost of maintaining this firm’s HODL strategy? 3K BTCs…
Here’s how Bitcoin miners are really dealing with market pressure
Bitcoin: The cost of maintaining this firm’s HODL strategy? 3K BTCs…
Bitcoin: Reasons why BTC crashed below $18,000 during the weekend
Bitcoin investors can consider these points before cutting losses
Bitcoin’s ‘Black Monday’ and everything about the final decline
For Ethereum’s conservative traders, risk would be to enter short position below…
Ethereum could prepare to visit $2k mark with 73.7% ascent, provided…
Ethereum [ETH] might not be ready for a serious rally yet; here’s why
Bitcoin’s S2F model ‘deserves all the mockery,’ claims Ethereum’s Buterin
Analyzing ETH’s dual scenarios following this interesting ‘record’
Published
on
By
Ethereum, the world’s largest altcoin, has seen unprecedented traction since its inception. Fair to say, the upcoming “Merge” has played a significant role in upping the associated interest in the crypto. ETH 2.0 is a multi-stage shift of the Ethereum network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. The transition would enhance the network’s scalability, efficiency, and speed.
Just like the way PoW blockchains rely on miners to validate transactions, the PoS consensus mechanism relies on “stakers” to validate transactions by running nodes. Staking equates to depositing 32 ETH to activate validator software, and here’s the latest fact sheet.
According to data from Glassnode, the total number of Ether (ETH) locked in Ethereum’s ETH 2.0 hit an ATH. The total value in the ETH 2.0 deposit contract touched an ATH of 12,789,829 ETH. That equates to more than 10.73% of the circulating supply and is worth roughly $23.2 billion at today’s prices.
Source: Glassnode
Another important attribute relating to the in-transit Merge is the gas fee. The current PoW network sees a few shortcomings with the worst of them all being high gas fees. ETH 2.0 would lower the network’s carbon footprint as well as the gas fee (This shift is meant to hugely drop transaction fees by killing off all the parallel chains feeding off the crumbs).
Furthermore, the total gas used by the network hit a 10-month low of 3,903,190,662.429.
Source: Glassnode
While, yes, this indeed would come off as a positive development across the board, there might be a twist in the tale. One reason remains the sustained decline in DeFi usage. The total value locked in DeFi smart contracts went down to $56 billion from $98.4 billion in February 2022.
According to DeFi Llama, the DeFi dominance of the ETH blockchain is waning. Another reason could be the decline in NFT sales.
Mainly because users moved transactions to other blockchains with cheaper fees.
Now, ETH did bleed profusely in 2022 – There’s no denying that. But at press time, ETH had witnessed a fresh 5% surge as it traded above the $1.8k-mark. Indeed, aiming for the next stop – $2k. But, the given surge could also be a result of altcoins’ dependence on the largest crypto- BTC. The king coin saw a 5% surge, hence elevating the mood of the entire market.
In fact, at press time, Ether balances on crypto-exchanges globally had also increased by 550,459 ETH since May – $950 million worth of inflows into the exchanges’ hot wallets.
Source: CryptoQuant
Could this be the sole reason for ETH’s price correction? Well, maybe or maybe not. A short correction could be in play, but one needs to focus on the long run as well.

Gate.io marks 9 years as a remarkable crypto ecological landscape!
RankerDao announces $100,000$+ buy back & burn streak of $RANKER in June
Shubham is a full-time journalist at AMBCrypto. A Master’s graduate in Accounting and Finance, Shubham’s writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.
For Ethereum’s conservative traders, risk would be to enter short position below…
Ethereum could prepare to visit $2k mark with 73.7% ascent, provided…
Ethereum [ETH] might not be ready for a serious rally yet; here’s why
Bitcoin’s S2F model ‘deserves all the mockery,’ claims Ethereum’s Buterin
Analyzing ETH’s dual scenarios following this interesting ‘record’
Here’s the full story behind Ethereum’s [ETH] recent performances
Your email address will not be published.




document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );

Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Ads

source

Ads
Previous articleSan Francisco police release photo of alleged subway shooter – Oil City Derrick
Next articleMass Megawatts Solar Tracker Present Unique Scalability Advantages for Reducing Desalination Cost – GlobeNewswire
Abhinav Breathes and Bleeds Technology. He's a humanoid with a passion for Gadgets, Cars, Gaming. You can usually find him on PSN Blabbering about his FIFA skills.