The Ethereum Merge progress is now 99.99% complete as the community awaits the most anticipated and technically complex upgrade in the history of crypto. The number of active addresses on the Ethereum network has increased nearly 10% ahead of the Merge on September 15. Moreover, the total amount of ETH pledged in ETH 2.0 has now exceeded 13.7 million.
Active Addresses and ETH Pledged in ETH 2.0 Rise on the Ethereum Network
According to OKLink data, the number of active addresses on the Ethereum network has increased by 47,945 in the last 24 hours. With the increase in nearly 10% of active addresses, the current daily active addresses are 536,586. Moreover, the active addresses on the network continues to increase for the last 3 days. It indicates a rise in various on-chain activities as the Ethereum Merge draws near.
In addition, Ethereum (ETH) staking on the Beacon Chain has increased substantially. As per Glassnode data, the total amount of ETH staked on the Beacon Chain has now surpassed 13.7 million, which is equivalent to 11.22% of the circulating supply.
The total ETH pledged in ETH 2.0 is valued at nearly $22 billion. Moreover, the total number of validators are 428,069.
Ethereum (ETH) Price Post-Merge
The Ethereum (ETH) price is set to be deflationary after the Merge due to the EIP-1559 burning mechanism. The total circulating supply in the market will decline with issuance decreasing between 0.5% to 4.5% depending on network fees.
The decrease in supply will increase the Ethereum price under the right market conditions. However, it will take time due to the waiting period of at least 6 months after each upgrade. Moreover, the deflationary or inflationary price will also depend on validators and Ethereum gas fees.
The Merge will follow with the Surge, Verge, Purge, and Splurge stages. The Ethereum team will be looking to increase the scalability, efficiency, speed, and security of the ecosystem.
According to Ethereum Foundation, the Merge is set to happen on September 15 after 05:00 UTC.
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