Ethereum staking profit will almost double after merging with the Beacon chain

According to the Coinbase announcement, staking profits on Ethereum are set to gradually increase following the merger of the Ethereum mainnet and the Beacon Chain.

If both chains fully merge, Coinbase is expected to increase staking profits as the rewards include the fees currently being paid to miners. With more bonuses distributed to validators, the profit from staking contracts will indeed increase gradually.

“Coinbase: With the merger of the Ethereum mainnet with the Beacon chain expected to take place in June this year, staking profits on Ethereum will increase as the reward includes additional net transaction fees (former base fees) currently paid to miners. Staking profit can go from 4.3-5.4% APR to 9-12% APR,” Wu Blockchain tweet.

The nearly 2x increase will most likely attract more investors to the Ethereum staking contract, which is currently worth 1.92 million ETH. Some investors decided to join the ETH stake contract by transferring 28,000 ETH into the contract in just one transaction.

Market share Mark out How can the surge affect the Ethereum market?

Above all, the lock-in period that comes with every contract speaks for the market. With no coins circulating in the market, traders can expect less selling pressure, especially given Ethereum’s rapidly deflationary situation.

Previously, the implementation of EIP-1559 introduced a fee burning mechanism on the network, resulting in large amounts of cryptocurrencies being withdrawn from the market. According to WatchTheBurn service, 1.9 million ETH was burned and taken off the market.

With ETH trading at $2,370, the value of burned coins is $4.5 billion. With such significant volume moving out of the market, the asset will easily move through the resistance and bull zone area.

At press time, ETH is trading at $2,363 and has fallen 14% in value over the past 24 hours after global financial markets dumped risky assets.

ETH price 4 hour chart | Source: Trade View

Vitalik Buterin: Putin’s campaign is a crime against the people of Ukraine and Russia

In another development, the Ethereum co-founder firmly opposes Russian aggression against Ukraine, calling this military action a “crime.”

Early this morning (February 24), Russian forces launched a “military special operation” (as Russian President Vladimir Putin calls it) in Ukraine. However, it all seems like the start of a full-scale invasion that could upset the peace of the continent.

Despite being born in Russia, Ethereum co-founder Vitalik Buterin criticized the move as a “crime against citizens of Ukraine and Russia.”

In line tweet In his recent post, the 28-year-old programmer said he was “deeply saddened” by Vladimir Putin’s decision to declare war on Ukraine. In his view, this military operation will lead to devastating consequences for both the Ukrainian people and Russia.

The creator of Ethereum is also not very optimistic that the conflict will be resolved diplomatically.

“I know there will be no certainty,” he said emphatically.

Born in Russia, Buterin expressed his displeasure with his homeland in this war dispute and emphasized “honor to Ukraine” at the end of his tweet. Furthermore, he stated that while Ethereum is neutral, he is not.

“Reminder: Ethereum is neutral, but I’m not”, vitalik.eth tweet.

How the “big states” should deal with this military conflict has not yet been decided. US President Joe Biden called the Russian attack “unprovoked and unjustified”. He also warned Putin of “further consequences” if the aggression is not stopped soon.

British Prime Minister Boris Johnson also sided with Ukraine. He said Britain would provide military support to the country under attack and impose tough sanctions on Russia.

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