Bloomberg: Ethereum’s transition to PoS will attract institutional investors
Experts noted that the number of active Ethereum addresses with non-zero balances reached an all-time high
04.08.2022 - 10:25
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What’s new? The upcoming transition of the Ethereum network to the Proof of Stake (PoS) consensus algorithm could attract more institutional investors, according to a Bloomberg Intelligence report. Experts also believe that the rise in the value of ETH will depend on the asset’s reputation as a social and economic tool. According to them, there are prerequisites for an increase in the rate. For example, the total number of ETH locked in smart contracts increased by 1,4% in three years, and the number of active Ethereum addresses with non-zero balances reached an all-time high (ATH).
Bloomberg Intelligence’s report
What else does the report say? Compared to three years ago, the number of active addresses is up by 113%, outperforming bitcoin. The number of active addresses on the Bitcoin network decreased by 30% over the same period.
On July 26, the 7-day moving average (MA) number of active users grew by 46% or 180 000 in one month. According to experts, ETH has outperformed bitcoin on three important metrics: the number of active users, non-zero balance addresses, and transactions.
What is known about “The Merge”? Ethereum 2.0 is a major upgrade to the network, preparations for which began back in December 2020. It will change the algorithm from Proof of Work (PoW) to PoS, increasing the speed, efficiency, and scalability of the network. With it, the system will be able to provide an increased level of security and process more transactions. The way coins are earned on the network will change from mining to staking.
Ethereum co-founder Vitalik Buterin said that by the end of the roadmap for the network’s transition to PoS would see its scalability increase from 25 to 100 000 transactions per second (TPS). The developer believes that the growth of the coin may not happen immediately, but “under the right set of conditions,” it can be expected in 6-8 months after the upgrade.
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