Ethereum (ETH) was the talk of the town when it was announced that it would merge with the Beacon consensus network. it was expected post ETH merge that validators would continue to hold their tokens. The Ethereum merge is considered to be a significant step towards enabling Ethereum to continue to grow.
Scalability of Ethereum has been a long-term issue. Those who have been hit with high transaction fees due to the high network congestion also have to pay more money for doing transactions.
In April, there were some extremely volatile times when transactions fees on the Ethereum network reached as much as $350. People were enthusiastic about the merger. But this merger will not end Ethereum’s problems with scaling.
Ethereum will have to go through five major stages to be able to scale up. Those are “The Merge,” that has already taken place then we have “The Surge,” “The Verge,” “The Purge,” and, “The Splurge.”
It is not going to make Ethereum more affordable or make it quicker. However, it is good news for token holders as the Ethereum network has now integrated with the Beacon consensus network.
It is expected that the rate at which ETH is issued will increase as well. As Ethereum moved from Proof of Work (PoW) to Proof of Stake (PoS), miners will no longer be needed.
Ethereum has been the target of a lot of sell pressure, particularly after the Beacon-Ethereum merger. But even though Ethereum’s price declined, validators’ interest and revenue showed a positive picture.
Interestingly, Ethereum’s proof of stake has seen an increase in validators over the last few weeks post the merger.
Even though Ethereum prices continued to drop, validators still have high confidence in the Ethereum network as their number continues to increase.
Ethereum continued to experience a steady drop in its price over the past few days, but the amount of revenue from staking ETH through validators has gone up recently which casts a positive outlook on the Ethereum ecosystem.
Validators faith in the network seems only growing which is a good indicator that they are still quite motivated and will continue to hold their staked ETH rather than selling them.
It is possible that the price of ETH might get higher in the future as more validators join the Ethereum network. If that happens, Ethereum’s price will also continue to rise.
It is worthy to note here that Ethereum recorded its highest number of wallet addresses which hold more than one ETH. There were 1.5 million addresses recorded on the Ethereum blockchain that held more than one ETH.
This represents a first since the inception of the smart contracts platform. Ethereum reached an all-time high in the number of addresses holding more than one ETH.
At the time of writing this press article, Ethereum (ETH) is trading for around $ 1,317 and witnessed a decline in its price of 0.80% in the last 24 hours.