Lido CAD LDO/USDa staking solution for Ethereum ETH/USDrebounded 215% in the past week.
What happened: According to data from Benzinga Pro, LDO rose from a weekly low of $0.58 on July 12 to a high of $1.83 on July 17. .
This merge timeline isn’t final, but it’s extremely exciting to see it come to fruition. Please consider this as a planning calendar and look for official announcements! https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth (@superphiz) July 14, 2022
Lead Ethereum Developer Tim Beiko proposed September 19 as a target date for the mainnet merger, subject to the Goerli testnet merger proceeding as planned.
Why is this important: The merger will mean Ethereum’s official transition to proof-of-stake, meaning the network will be run by validators instead of miners. Those who stake a minimum of 32 ETH can run a validator node and participate in the blockchain consensus.
See also: HOW TO STAKE ETHEREUM
Lido is a liquid staking solution that has already locked over 4 million ETH worth around $5 billion in the deposit contract on behalf of users around the world. Data from Glassnode shows that the number of deposits made via Lido has increased following feedback from Beiko.
Last year, a report by JPMorgan Chase & Co. JPM estimated that Ethereum 2.0 would launch a $40 billion staking industry by 2025.
Benzinga’s opinion: The transition to PoS will also make Ethereum miners redundant on the network. As such, it is likely that those currently engaged in Ethereum mining would transition to other PoW networks like Ethereum Classic ETC/USD. ETC has risen 50% over the past week to a one-month high of $21.38, suggesting renewed interest in blockchain ahead of the merger.
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