One year after one of the most talked about software upgrades since the Y2K changeover more than two decades ago, crypto’s most important commercial highway risks becoming a victim of its own success.
The revamp of the Ethereum network, which was known as the Merge, turned out to be a seamless transition to a more energy-efficient system of ordering transactions on the blockchain. One of the incentives offered to participants is the ability to earn a yield on tokens used to help the network run. Surging demand for the so-called staking feature has now raised the prospect of the network bogging itself down.
What’s driving the demand is that staking has emerged as one of a few reliable ways to earn returns in crypto. Most token prices are still less than half the record highs reached in late 2021. Ether owners can currently earn a yield of around 4% by staking. That’s why Ethereum developers are working to slow the staking influx down. On Sept. 14, the developers agreed to cap the number of new validators, which operate the staking wallets, allowed to join the network every six minutes. The change will be tagged onto the next major Ethereum software upgrade later this year. With the so-called churn change, Ethereum won’t reach the theoretical point of 100% of all circulating Ether being staked for several years, according to the paper.
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