Majority of Ethereum 2.0 Stakers Underwater as Bear Market Continues #togrp7

Ethereum 2.0 stakers are feeling the full weight of the ongoing bear market, with the vast majority of them now being “firmly underwater” on their positions, according to a new report from blockchain analytics firm Glassnode. This is despite an additional inflow of nearly 5 million ETH since the November peak, as pointed out by the researchers.

Among many other improvements, the much anticipated Ethereum’s transition from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism via The Merge upgrade will also change the way transactions on the network are validated.Currently, Ethereum relies on energy-intensive operations similar to those used by Bitcoin miners; however, following the transition, transactions will be added to blocks by stakers—addresses that have pledged a minimum of 32 Ethereum to a smart contract. Since then, investors have been depositing.