Nearly 100K ETH staked in a single day ahead of Ethereum’s Merge

Sahana Kiran
Source – Unsplash

All that’s being discussed in the crypto verse is Ethereum’s big transition into Proof-of-Stake [PoS]. This much-awaited event is expected to occur in mid-September. While developers have been working hard to ensure the smooth swift of the network, the entire community was showering support. Meanwhile, the staking arena has been thriving right before the Merge takes place.

September seems to have started on a great note for the Ethereum network. It was brought to light that a whopping 94,000 ETH was staked on the 1st of September. This was reportedly the largest single-day ETH staked since May 2022.

Staking has been under the crypto spotlight for quite some time now. While it does not bring in immediate gains, it seems to be quite popular among the crypto masses. It surely brings in rewards on the staked crypto, but in addition to this, it aids the network’s security as well. Currently, the number of staked Ethereum consensus layer contract addresses has advanced by 11.3 percent and was at 13.522 million.

South Korea still dubious about Ethereum’s hard-forked token ETHW

Following the Terra debacle, South Korea has been making immense noise. From swift regulations to heavily scrutinizing the crypto industry, the existence of crypto in the region became rather dubious. However now, it seems like the top five major South Korean exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax were still uncertain about the Ethereum hard fork.

A joint consultative body for digital asset exchanges called DAXA entailing the aforementioned exchanges announced that it was looking for measures to accommodate the Merge and the hard fork. However, an Upbit official stated, “the airdrop has not been decided, and it is difficult to reveal about the listing.”

A Bithumb official further added, “the department in charge is discussing appropriate countermeasures for the listing procedure following the Ethereum merge, and we are also considering airdrop payment.”

While South Korea remains uncertain, imToken, a decentralized wallet limited its support for the Merge alone. The platform dismissed support for the potential PoW fork.

As mentioned earlier, the Merge is a highly anticipated event. While it’s no doubt that it would spruce up the Ethereum network, it has certainly started creating a divide among the community.