Ether Breaks $2,000 As $38 Billion Freed From Staking Fails To Ruffle Market

Throttling mechanisms limit the amount of tokens that can leave the chain quickly, but staking deposits flowing into the network reached $160 million over the past 24 hours, balancing out the departures.the Merge,

which reduced the energy needed to maintain the chain’s operations. Electricity-guzzling crypto miners were replaced with validators who pledge–or stake–ether tokens as collateral to verify transactions and receive interest on the locked-up funds as a reward. Users have been able to stake ether on the Beacon chain, which merged with Ethereum during the previous update, since December 2020, but the ability to withdraw had to wait for the Shanghai and Capella upgrades.

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Source: CoinDesk - 🏆 291. / 63 Read more »