Ethereum Burns 1559 ETH Daily as “The Merge” Draws Closer

Ethereum Burns 1559 ETH Daily
  • Ethereum is now burning over 1,500 ETH daily as it heads towards The Merge.
  • The Merge will integrate the current ETH mainnet and the beacon chain.
  • Also, crypto analyst Lark Davis called The Merge a huge upgrade for ETH.

Top altcoin Ethereum is burning 1,559 ETH daily as the network heads towards its next big goal. According to popular YouTuber and crypto analyst Lark Davis, the next big thing on Ethereum is “The Merge”.

While the rise in crypto and blockchain use has made ETH more popular than ever, the increase in utility has not been without a cost. Of note, the top altcoin has struggled with scaling problems and high gas fees. As an attempt to tackle these issues Ethereum launched its ETH 2.0 migration. 

As part of the ETH2.0 roadmap, the top blockchain will move from the current Proof-of-Work (PoW) protocol to the more energy-efficient Proof-of-Stake (PoS) protocol. To clarify, The Merge is in fact the joining of the current ETH blockchain and ETH2.0 into one. 

Also, the current ETH mainnet will not be lost in The Merge. Rather, the PoW mainnet will become a consensus layer on the PoS mainnet. In fact, The Merge will make ETH the most powerful and energy-efficient blockchain. This is very vital as the crypto industry has steadily come under fire for its high energy use. 

Particularly, blockchains that utilize PoW use energy levels equal to small countries annually. As a result, countries like China have banned crypto mining in an attempt to reduce their carbon footprint.

At the moment, ETH2.0 or the beacon chain, a PoS fueled consensus layer, is running parallel to the current PoW ETH mainnet. Of note, the beacon chain began accepting ETH deposits in November 2020. Also, ETH2.0 already has millions in ETH deposits secured from over 100,000 validators.

Previously, Ethereum founder Vitalik Buterin disclosed that the migration process was facing some setbacks and would take longer than expected. Buterin also noted that the delays were due to human rather than technical issues. However, the ETH community has shown its support for the project set to make the network faster and cheaper to use.

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