Ethereum 2.0’s new PoS blockchain could generate $16 billion in crypto activity

[JessicaVL]

A study by Binance Research has reported that staking rewards for cryptocurrencies could double thanks to Ethereum. Currently, staking accounts for around $8 billion USD in crypto activity, while Ethereum’s new POS blockchain could generate $16 billion in crypto activity. 

https://twitter.com/Shaughnessy119/status/1187390153662316544

Why Ethereum?
According to Binance Research, “With Ethereum’s impending switch to Proof of Stake (PoS), staking is expected to take a most substantial portion of the market’s attention.” They continued, “As more infrastructure players support staking, the entire ecosystem will be able to mature.”

This report, at least according to Binance, is the cryptocurrency industry’s “first major study in staking.” Findings suggest that the crypto asset market could soon be looking at a major boost from staking, thanks to Ethereum’s plan to transfer from a proof-of-work to a proof-of-stake blockchain consensus algorithm. A proof-of-stake blockchain allows for improved scalability, and is overall much more suited to Ethereum.

https://www.youtube.com/watch?v=M3EFi_POhps&t=7s

What does Ethereum 2.0 entail?
One of the biggest problems that Ethereum has been facing is the issue of scalability. Since it’s built on a Proof-of-Work consensus algorithm, the network has very limited scalability. The implementation of a Proof-of-Stake consensus algorithm signals the launch of The Beacon Chain, which will consolidate Ethereum 2.0 Serenity. Ethereum customers and users from the current Ethereum blockchain can continue using the network and ETH token without a hitch.

The implementation of the new blockchain solves the issue of scalability, allowing for dApp developers to continue building on the network. Ethereum 2.0 follows a series of updates beginning with Frontier in 2015, Homestead in 2016, Byzantium in 2017, Constantinople in February 2019, and ending with Istanbul in December 2019. This transition is entirely necessary for the long-term viability of the Ethereum network, and will vastly improve the way the ecosystem functions as a whole.

What will happen?
At the moment, there are around $15,4 billion in crypto funds available for staking, and $8 billion already staked. Once Ethereum switches over to Ethereum 2.0, these figures are expected to jump dramatically - potentially doubling. So much so, that Ethereum’s new POS blockchain could generate $16 billion in crypto activity, and that’s good for all of us.

Ethereum’s proof-of-stake move has been on the cards for a long time, with more than $10 million in grant money already provided by ETH stakeholders (according to Binance’s report).

https://www.youtube.com/watch?v=NKdr6uuanS4

This is good news
The fact that Ethereum’s new POS blockchain could generate $16 billion in crypto activity is good news for the whole industry. Once the blockchain switches over, we can expect to see a huge rise is staking activity overall - how it’ll all pan out still remains to be seen.

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https://www.etoro.com/blog/market-insights/ethereum-2-0s-new-pos-blockchain-could-generate-16-billion-in-crypto-activity/

[vanya.pronin.1983]

Several hardforks took place on ETH, science the beginning of 2018 and changed absolutely nothing. I hardly believe that the next update will fix everything within a short period of time. Furthermore, ETH has no chance on price increase while BTC dominance is still around 50-60 percent.

[samcrypto]

I recently heard a news about the postponement of this update though i’m not sure if its a legit news or not but of course we all hope for ETH to be good again despite of the big challenges in the market. If the update can bring a big impact, then ETH should do their best to make this happen on the said date, making a big transactions will get better with ETH soon let’s claim that.

[cryptoaddictchie]

I like eth so much even its friendly user approach to mass user is really the one thing I like about it. I think most projects copy the concept and even the format how eth network works. But when this happened Im not sure if this will have a huge effect since its a really big leap when it comes to tech. From PoW to PoS is really something that will change its course either for good or worse. Some say, the change will make it worse but I am hoping the features will secure what eth lacks but the update has never yet announced for the transfer so we should wait a little longer. Still holding some eth for now.

[DaMut]

I recently heard a news about the postponement of this update though i’m not sure if its a legit news or not but of course we all hope for ETH to be good again despite of the big challenges in the market. If the update can bring a big impact, then ETH should do their best to make this happen on the said date, making a big transactions will get better with ETH soon let’s claim that.

I did hear it too, the market has turned bad these couple of days. it seems like the market affects them in making a decision. if it is true, I expect them to make an update two months before the halving because bitcoin made a move two months before the halving and the market should be in a good shape.