Over 94,000 ETHs Were Staked In A Single Day As Merge Approaches

According to the WuBlockchain, over 94,000 ETH was staked on the 1st of September, the ATH since May. Although, the data by Oklink put the value at 94,997 ETH at an average price of $1,543.51. The amount of ETH on the Ethereum 2.0 staking contract has now surged to about 13.522 million.

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WuBlockchain tweeted;

“On September 1, 94,000 new ETHs were staked in a single day, the largest single-day staked since May this year. At present, the number of staked Ethereum consensus layer contract addresses has increased to 13.522 million, accounting for 11.3%,” 

It is well noted that whenever there is a high stake in the blockchain network is an indication of continued investor bullishness in the leading digital asset. In anticipation of The Merge, the digital asset has been the focus of price speculation.

Recall, that a tweet by CryptoQuant stated that Ethereum was leading Bitcoin in terms of daily exchange trading volume.

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However, the upcoming Ethereum merge has not increased the asset’s interest rate as stated by the Fed.

It is good to know that Ethereum stakers will not be able to withdraw their staked ETH till after the Shanghai upgrade, which is believed to be years away. However, they will start receiving liquid ETH rewards on their staked assets post-Merge.

Facts About The Merge

The Merge was designed to transform the network from Proof-of-work into Proof-of-Stake. It was said that the current proof of Stake of the largest smart contract network poses a lot of danger to nature and also, makes the gas fee unbearable.

While the network is working on moving to the PoS, some of the die-hard PoWer still love to continue with PoW.

The Merge is a few days ahead as the Bellatrix upgrade of the Beacon chain is expected to go live on Tuesday in preparation for The Merge.

Ethereum is trading at the $1,560.36 price point, up 7.78% in the last seven days.

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