Based on historical highs, more investments continue to trickle into Ethereum 2.0 deposit contracts.
Ali Martinex, market analyst pointed out:
“Roughly 150,000 ETH, worth around $195 million, have been transferred to the ETH2 deposit contract over the past week, hitting a new all-time high of 13.9 million ETH staked.”
Source: Glassnode
To help with the transition of the proof-of work consensus mechanism to a proof -of-stake framework called the merge, the ETH 2.0 deposit contract launched in December 2020.
The long-awaited merger went live On September 15, Ethereum launched a PoS structure. Therefore, it is expected to propel Ethereum’s quest of becoming a deflationary asset.
A recent analysis however revealed that Ethereum needed to go through four additional steps in order to resolve the scaling problem after the merger materialized.
The surge, the and the subsequent phases are the four phases. vergeThere are three types of splurges: the purge, the splurge, and the splurge. They are not defined by a timeframe. Sameep Singhania, co-founder of QuickSwap. :
“It’s hard to talk about the timelines of the following four stages because all of them are still under active research and development. But, in my opinion, it will easily take 2-3 years before all phases are complete.”
The median transaction volume on ETH has fallen in the meantime. Crypto insight provider Glassnode explained:
“ETH median transaction volume (7d MA) just reached a 23-month low of $32.38.”
Source:Glassnode
The other side is that gas usage has increased, which indicates that transactions for gas have been expensive. Glassnode added:
“ETH median gas usage (7d MA) just reached a 3-month high of 47,461.113 Previous 3-month high of 47,349.137 was observed on 23 September 2022.”
Source: Glassnode
According to the Ethereum intraday trading report, it hovered in the $1,330 region during intraday trades. CoinMarketCap.
Source: Shutterstock
