Ethereum, a blockchain that supports the world’s second largest cryptocurrency ether, is set to go through an important upgrade on Wednesday.
Ethereum, a blockchain that supports the world’s second largest cryptocurrency, ether, is set to go through an important upgrade on Wednesday, which, upon completion, would allow holders who withdraw their coins that they locked up for rewards.
It is the biggest transition for Ethereum since its “Merge” upgrade last year, when the blockchain overhauled the way it operated. It created liquidity concerns among some ether holders, who were hesitant to stake their coins. The ratio of staked ether to the coin’s total supply stands at around 15.6%, much lower than that of Ethereum’s competitors such as Solana SOLUSD , Avalanche AVAXUSD and Polkadot DOTUSD , where from 40% to over 70% of the native coins are staked, according to David Lawant, head of research at FalconX.
In February, crypto exchange Kraken agreed to pay over $30 million and ended its staking program in the U.S., to settle charges brought by the U.S. Securities and Exchange Commission. The agency charged Kraken for failing to register the offer and sale of their crypto asset staking-as-a-service program.
If an investor is only withdrawing their staking rewards, it would take far less time, usually a few days, Lawant said.
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