Ethereum staking is set to double the economic activity of the network and generate more than $16 billion in crypto when the protocol is finally released.
According to a new report published by the research division of crypto exchange Binance, Ethereum 2.0’s shift from proof-of-work to proof-of-stake (PoS) will create a significant amount of economic activity for the network.
Binance Research says,
With Ethereum’s impending switch to Proof of Stake (PoS), staking is expected to take a most substantial portion of the market’s attention. As more infrastructure players support staking, the entire ecosystem will be able to mature.
While crypto staking currently accounts for $8 billion in total market activity, ETH’s shift to PoS has the potential to redefine the industry. Binance Research called Ethereum the “largest elephant in the room” for staking and predicts the 2.0 update will persuade many additional projects to follow a shift to staking and PoS algorithms.
The report continues,
With Ethereum slated to switch to Proof-of-Stake in the not-too-distant future, the blockchain space may be forced to reckon with staking sooner, rather than later.
While the exact launch of ETH 2.0 has been up for debate, the program is expected to begin its roll out in January 2020.
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