Momentum around Ethereum, the largest altcoin has significantly increased or remained bullish of late thanks to the much-anticipated ‘Merge‘.
Last month, the Ethereum consensus layer deposit contract exceeded 10 million ETH staked. This represented around 8% of the total Ethereum supply. Fast forward to the end of April, bettors continue to maintain their bullish sentiment.
Building up till June?
According to Nansen, the current ETH consensus layer (ETH2.0) deposit contract balance has exceeded 12 million ETH. This accounted for more than 10% of the current circulation of Ethereum.
There are now over 12 million ETH in the Consensus Layer (formerly known as Ethereum 2.0) deposit contract, according to Etherscan. In USD terms, that was around $34 billion at press time. Additionally, the deposited ETH was provided by 376,000 validators, each of whom deposited at least 32 ETH.
Why the rush?
Well, the Beacon Chain is a parallel-running Proof-of-Stake version of the Ethereum blockchain. The Ethereum mainnet is slated to merge with the Beacon Chain in June, as specified by Ethereum Improvement Proposal 4345.
Ether might benefit from a “rise” in price, but gas fees would not go away. These fees would go to stakers rather than miners after the merger. Notably, for this reason, the best way to take advantage of the merger is to become an Ethereum 2.0 stakingr. One can also profit from “just holding ETH”.
However, some delays could hinder the growth as happened in the past. But investors might be ready for the same. For instance, Lark Davis, a famed analyst in a 29 April tweet voiced his opinion regarding ETH.
That said, ETH price hasn’t quite shown a similar enthusiasm. According to CoinMarketCap, the flagship coin suffered another 2% correction as it traded around the $2.8,000 mark.
