Tether Claims To Support ETH 2.0 Despite The Merge Launch Delay
Tether Chief Technology Officer (CTO) Paolo Ardoino revealed over the weekend that the stablecoin issuer would support ETH 2.0 amid suggestions that the stablecoin issuer should join ETH 2.0 support later to ensure more safety. However, Tether’s CTO refutes these arguments by stating that the company will “seamlessly support ETH 2.0” regardless of the delay in The Merge upgrade.
The Merge is Ethereum’s (ETH) grand plan to transition from proof-of-work (PoW) consensus to proof-of-stake (PoS). The transition is supposed to reduce the power consumption of the Ethereum network by more than 90%, but not the fees.
The delay in The Merge upgrade has created a blanket of doubt about the future of the network. Galois Capital, a crypto hedge fund, has revealed that a third of survey respondents believe the network will split into two chains.
Ardoino clarified the company’s stance by announcing its support for ETH 2.0, and the decision could prompt many other stablecoin issuers to make similar statements. He said:
“It’s not about what I/we prefer between PoW/PoS. Stablecoins should act responsibly and avoid disruption for users. Especially for DeFi as it’s really delicate.”
At the beginning of 2022, The Merge update was expected to happen in the summer. However, a series of glitches delayed the network’s transition. The experimental upgrades Goerli and Prater Merge aren’t over yet as developers race to get everything in order before a new September date.
Before The Merge took place, ETH 2.0 became the most staked asset, according to data from Staking Rewards, with $22.18 billion worth of tokens staked.
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Harold
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