Total ETH staked in Ethereum deposit contract sets new highs ETH2 Blockchain Crypto Merge EthereumMerge
On Sept. 15, 2022, the Merge took place, marking Ethereum's historic switch from proof of work to proof of stake and its official abandonment of the resource-intensive, miner-based mechanism it had previously employed to process updates to its decentralized ledger. With the proof-of-stake consensus now fully implemented on Ethereum, proof of work has been formally deprecated, resulting in a nearly 99.95% reduction in energy consumption.
Instead, withdrawals are planned for the Shanghai update, which will be the next significant upgrade following the Merge. According to this, freshly issued ETH will be locked and illiquid for at least 6 to 12 months following the Merge, but it will still accumulate on the Beacon chain. All validators will be incentivized to remove their staking balances above 32 ETH once the Shanghai update enables withdrawals because these funds do not increase yield and are otherwise locked. They may be encouraged to leave their validators to recover their full balance, or they may stake even more using their rewards to get a higher yield, depending on the APR .
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