One of the significant events in the cryptocurrency world was when Ethereum switched from Proof of Work to Proof of Stake, the event known as the merge was completed on September 15, 2022. Ethereum drastically reduced its energy consumption to secure the blockchain. It currently estimates that it uses around 0.0026 Terrawatt hours per year, compared to 78 Terrawatt hours per year previously, wich is roughly the same amount of energy that Netflix uses on its servers (94 Terrawatt hours per year).
Staking on Ethereum has been a great success so far. As of this article, 16 million ETH is staked and there are over half a million validators on the network. An epoch on Ethereum PoS lasts for 6.4 minutes and during each epoch, validators on the network are attested and it is one of the rewards for producing blocks and during each epoch, validators on the network are attested; it is one of the rewards for producing validator that has been running for around a year now.
Currently, work is being done to implement functionality to withdraw staked assets in the so-called Shanghai update. The latest news is that a testnet recently went live to test the withdrawal function and security aspects. The goal is to implement the Shanghai update in March 2023.
NBX closely follows the development of Ethereum staking and will consider the possibility of offering staking services on Ethereum after the Shanghai update is implemented.
This text is intended to inform and is not an investment recommendation.
