Ethereum stacking holds the new record
The total number of Ethereum (ETH) coins deposited in the Ethereum 2.0 deposit contract reached a new all-time high (ATH), as of February 13, 2023. According to crypto analytics platform Glassnode, the number of digital assets frozen in deposits equaled 15,803,847 coins.
According to experts, this indicated that the Ethereum network itself was gaining popularity among users. The researchers recalled that Ethereum fully switched to the Proof-of-Stake (PoS) consensus algorithm in 2022. These included issues of energy consumption, low scalability, and the size of network commissions. The network merger reduced the amount of energy needed to fully operate the network by 99.99%.
Glassnode analysts reminded: The users were waiting for the new Shanghai update, which was scheduled for March 2023. It was supposed to allow users to withdraw their staked ethers as well as their earned coins from smart contracts.
The last week in the cryptocurrency world was closely connected with the issues of staking The fact is that the U.S. Securities and Exchange Commission fined Kraken exchange for $30 million for their product, which allowed to receive passive income from bets.
In addition, representatives of the financial regulator warned other centralized trading platforms that their services could be illegal and subject to the Securities Act in the United States.
Charles Hoskinson, head and founder of the blockchain project Cardano, criticized the current Ethereum-stacking model and proposed his own alternative mechanism. According to him, the IOHK team is working on releasing a document detailing the concept of the new product. The developer assured that the innovative system is simple, but will satisfy all the wishes and requirements of financial regulators.
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