Eth2 Inching Closer, Altair Upgrade set for End of October 2021
Ethereum continues to develop, and more excitement is expected with the scheduled activation of the Altair, set to further improve the Beacon Chain.
Beacon Chain went live on December 1, 2020, sparking a wave of demand which saw ETH prices erupt to over $4.4k in subsequent months, printing new all-time highs.
Eth2 introduces a new consensus method, replacing miners with stakers. Holders who stake 32 ETH qualify to be network validators receiving an above-average yield of six percent APR. In response, there is over $23 billion of ETH locked in the official Eth2 deposit contract.
According to Danny Ryan, the Altair upgrade brings several improvements, including light-client support to the core consensus, mopping up issues with validator incentives, and steps up the punitive parameters as per EIP-2982—which ensures the network is economically secure, proposing slashing and inactivity leak as penalties for violators.
The upgrade is barely two months after the activation of EIP-1559 which introduced the burning of BASEFEE and aimed to tame high Gas fees. Over $1 billion of ETH has since been destroyed following the London Upgrade, a reason why analysts are convinced ETH is on the path of being ultra-sound money.
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