This article is based on the views of DeFi Degen Korpi on his personal social media platform, which is compiled and translated by BlockBeats as follows:
Some people think that ETH will be smashed after the Merge is completed, because 12 million ETH will be unlocked and sold after the Merge is completed. But I think this view is wrong for three reasons:
1. The pledged ETH will not be unlocked during the merge process
2. The unlocked ETH will be released slowly
3. The ETH used for pledge is regarded as real estate
ETH cannot be withdrawn while the merge is in progress. There will also be an upgrade within 6-12 months of completion of the merger. In other words, the pledged ETH and earnings will not enter the market for a long period of time.
Even if holders can withdraw ETH freely, all ETH cannot be withdrawn immediately. The release process is slow, generally taking months to complete the unlock, and it may even take more than a year.
Because to take out the pledged ETH, the verifier needs to exit, but the number of exits available for each node is limited. There are currently 395,000 validators and it will take 424 days for them all to exit as long as the system is not updated.
Now ETH pledge does not know when it will be proposed, so who would voluntarily pledge under such uncertain circumstances? Undoubtedly an ETH believer.
Most people who stake ETH are long-term investors and they are in no rush to sell, especially now that the price of ETH is lower.
Short-term investors prefer more liquid pledge schemes, such as Lido. I used Nansen and Etherscan to find that the proportion of this type of ETH pledge is only 35%.
Additionally, 30% of all ETH staked comes from independently run validators. Independently operating verifiers are very complicated, and only those who believe in ETH will do so, and they are even less likely to sell.
I don't think the unlocking of ETH will cause a lot of selling, because the unlocking process will take months and will be released slowly, and most stakers will not sell because of it.
Microsoft briefly restricted ChatGPT access due to a security glitch, swiftly rectifying the incident and highlighting the complex AI landscape and global efforts to address evolving risks.
Hui XinMoisés Zamora, the creative force behind Netflix's "Selena: The Series," is steering away from the conventional avenues of Hollywood, embracing a groundbreaking move into the world of NFTs.
JasperAsset management giant BlackRock is set to venture into the Ethereum landscape with plans for an exchange-traded fund (ETF) focused on the cryptocurrency.
JasperIn a legal win, the head of Upbit's operator, Dunamu, was declared not guilty by South Korea's Supreme Court in a case involving alleged data manipulation. The charges, related to fake accounts and order volume manipulation, were unanimously dismissed by all three courts, citing "illegal methods" used by prosecutors to obtain evidence. Upbit's success in dominating 80% of South Korea's crypto market is attributed to strategic partnerships, including one with neobank K Bank, streamlining account openings in adherence to regulations.
JixuSC Ventures and SBI Holdings form a $100 million crypto investment initiative, signalling their active involvement in decentralised finance, tokenisation, and the metaverse.
Hui XinJudge Martin Glenn, of the Southern District of New York Bankruptcy Court, has given the nod to Celsius Network's reorganization plan
AaronBitwise Co-Founders Charged by US Attorney and SEC for Alleged $100M Investor Fraud, Accused of Fabricating Financial Information to Secure Funding.
JixuMade as a memecoin, there is no immediate utility for the token, which makes its rise, together with other more familiar memecoins like DOGE and PEPE, particularly interesting.
DavinTaiwanese singer Chen Lingjiu (陳零九) becomes a defendant in the JPEX cryptocurrency exchange investigation, amplifying the risks of celebrity endorsements in finance. The case reveals allegations of fraudulent virtual currency promotion by JPEX, leading to legal actions and underscoring the responsibility celebrities have in endorsing financial products.
JixuMicroStrategy amasses a staggering £1 billion in profits from its Bitcoin investments during the recent cryptocurrency surge.
Aaron