Ethereum Devs Delay Difficulty Bomb — ETH 2.0 Contract Surpasses 13 Million Ether Deposits
On June 30, Ethereum developers delayed the network’s difficulty bomb via the Gray Glacier update, which means The Merge won’t happen at least until September 2022. Meanwhile, there’s now more than 13 million ethereum locked into the Beacon Chain worth $15.8 billion using today’s prices.
More Than 13 Million Ether Worth $15.8 Billion Deposited Into the Ethereum 2.0 Contract
This week the ETH 2.0 agreement has seen a total of extra than 13 million ETH deposited and there are now 406,640 validators. In time, the Ethereum (ETH) blockchain is predicted to transition to a evidence-of-stake (PoS) chain. Currently, the network has a hybrid machine of both proof-of-work (PoW) for the main chain, and PoS for the Beacon chain. At the time of writing, the 13,012,469 ether locked into the ETH 2.0 contract is worth more than $15.8 billion the use of modern ETH alternate charges.
The 13 million in ETH stems from 76,506 depositor addresses and the mixture represents 10.88% of the complete ETH supply today, consistent with Dune Analytics information. 31.73% of the proportion is staked thru the liquid staking utility Lido. Besides Lido, other huge staking offerings include groups like Kraken, Staked.Us, Stakefish, Bitcoin Suisse, and Figment. While many idea the PoS transition, otherwise called The Merge, might likely show up in August, the problem bomb update has pushed The Merge similarly away.
Ethereum Devs Aim to Avoid Network Degradation Due to a Premature Activation of the Difficulty Bomb
On June 30, the Ethereum community up to date to Gray Glacier at block peak 15,050,000 which pushes the difficulty bomb lower back by using a hundred days. “The Gray Glacier community upgrade adjustments the parameters of the Ice Age/Difficulty Bomb, pushing it again with the aid of seven hundred,000 blocks, or more or less a hundred days,” Ethereum developer Tim Beiko disclosed on June sixteen, 2022. “With Ropsten now transitioned to proof-of-stake, the issue bomb most effective impacts the Ethereum mainnet. This means Gray Glacier will not be deployed on any testnet,” he introduced.
In addition to the postpone, Ethereum network expenses have remained low and at the time of writing, the average community fee is 0.0018 ETH or $2.16 in step with transaction. Today, a mean-sized Ethereum community charge is 0.00078 ETH or $0.955 in keeping with facts switch. Furthermore, considering the fact that August 5, 2021, or since the implementation of EIP 1559, approximately 2,523,831 ETH worth $8.4 billion has been destroyed.
Essentially, the issue bomb is a “Planned exponential boom in proof-of-work problem placing designed to inspire the transition to evidence-of-stake, reducing the possibilities of a fork.” EIP 5133’s notes provide an explanation for the motivation in the back of the delay is to “avoid community degradation due to a premature activation of the problem bomb.”