So much for decentralization. In the hours following the long-awaited EthereumMerge on Thursday, more than 40% of the network’s blocks were added by just two entities: Coinbase and Lido.
was framed by developers as a way to defeat centralization on the second-largest blockchain network by making it harder for individual entities to tamper with the Ethereum ledger. But early signs of network consolidation have raised concerns that those hopes may not come to pass.
collective, and Coinbase, the world's third-largest crypto exchange, own 27.5% and 14.5% of the network’s stake, respectively.Ethereum's long-awaited Merge to PoS was successfully completed at 6:42 UTC on Thursday morning. The new system invites so-called validators to stake 32 ETH with the platform, granting them ability to write and confirm transactions to the Ethereum ledger.
So much money going to so few services has sparked concerns: If a single entity controls more than 66% of the network’s staked ether, it will be able to make it more difficult for others to write transactions to Ethereum’s ledger. program, meaning it might be more difficult for those transactions to make it onto Ethereum’s decentralized ledger.“This is consolidation and consolidation=centralization. And that is very dangerous. Why? Because exchanges are under government control. Without question the Ethereum blockchain is now subject to ‘transaction censorship’,” Chris Terry, an executive at SmartFi, a crypto lending platform, said to CoinDesk.
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