With the Ethereum 2.0 Merge still less than 15 days away, it remains the most anticipated event in the blockchain ecosystem so far this year.
According to the information received from feelingsSearches for the term “merging” have increased since mid-August.
The merger means the eventual transition of the Ethereum network to a Proof of Stake consensus mechanism from the existing Proof of Work consensus mechanism. Before the merger, there were 1,424,444 ETH coins bet Out of a total of 421,391 validators on the network.
Let’s take a closer look at patterns of user behavior in Ethereum so far (stETH).
According to the information received from sand dune analytics, wallets containing stETH are rated based on the amount of stETH they own. Wallet addresses containing more than 10,000 stETH are called whales.
Those with 3,000–10,000 killer whales, while those with 1,000–3,000 stETH codes are known as dolphins.
stETH tokens can be obtained in several ways. It can be obtained by accumulating Ether, buying from a decentralized exchange (DEX), or by receiving from an externally operated address (EOS) and from a central exchange (CEX).
According to Dune Analytics, depositing Ethereum remains the preferred way to get stETH from the above-mentioned wallet classes.
In addition, the market is dominated by players who participate in ETH to sell the stETH tokens they receive in the DEX.
Others offer stETH/wstETH liquidity to DEX pools, use stETH as collateral for ETH and non-ETH loans, or passively hold the tokens.
More growth on the ETH 2.0 network?
According to OKLink data, at 11.3%, ETH’s share has increased by 2% in the past three months.
In addition, the total number of addresses pledging ETH in exchange for ETH 2.0 consolidation increased by 5% over the same window period.
While the accumulated value of ETH coins pledged against the merger has grown exponentially, on a daily basis, there has been a steady decline since November 2021.
According to the information received from OKLinkDaily pledges have fallen by more than 75% since then.
Affected by tough macroeconomic conditions and a general downturn in the cryptocurrency market, the price of ETH has fallen by 8% in the past month. At the time of writing, the coin is trading at $1,565.74, data from CoinMarketCap open.