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Sep 12, 2022 11:14
Investors get ready for a major update to the Ethereum ecosystem.
As previously announced, Ethereum, the world's second-largest cryptocurrency, is expected to be updated in mid-September. The concept behind the September Merge update is that Ethereum will move to a new proof-of-stake consensus algorithm.
Merge is a combination of two Ethereum blockchains: the main one, with a traditional proof-of-work consensus algorithm, and the test one, Beacon Chain. In the updated version, DeFi-protocols and all Ethereum functionality will become available as part of proof-of-stake.
As a result of the update, miners will no longer dominate the network and the leadership will go to validators. They, in turn, will receive a reward for placing their ether in a deposit contract for a certain amount of time.
Following the announcement of the Merge update, many investors have been accumulating ether on the ETH 2.0 deposit contract for several months. The total amount of cryptocurrency locked up in this ecosystem has already reached 13.31 million ETH - about 11% of the total supply of ether.
The Henbbo cryptocurrency fund has also increased its cryptocurrency investments by 34%. This will result in an estimated profit of more than $4.6m over the next six months after the release of the update.
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