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ProBit Global has opened subscriptions for ETH at a 50% reduced market price to mark its support for Year of the Layer 2, the running theme for Ethereum in 2022. The window for subscriptions has been extended to 2 weeks to allow all subscribers to secure a portion of the total $72,222 in Ether offered.
Currently, a total of $5.35B is deployed into various Layer 2 ecosystems, representing a massive YOY Q4 2021 increase of 11,002%. The significant paradigm shift is being driven forward by rollups which essentially bundle and execute transactions off-chain with only the underlying transaction proof stored on the Ethereum network.
Rollups range from optimistic rollups such as Arbitrum to zkrollups currently jockeying for positions with innovative approaches of expediting finality without compromising on the oft-cited blockchain trilemma.
One of the oft-cited criticisms of the crypto space remains the energy consumption of Proof of Work, or PoW blockchains, a theme that is likely to dissipate once Ethereum makes the highly anticipated transition to the Proof of Stake model during The Merge.
In a recent hearing on the global impact of PoW called “Cleaning up Cryptocurrency: The Energy Impacts of blockchains”, ETH 2.0, now renamed the consensus layer, was cited as a viable solution in the Cleaner Alternatives” section with the expectations of a 99.99% reduction in energy consumption following the move to PoS.
An analysis conducted during the early stages of the Beacon chain mirror the results with its estimates of a 99.95% reduction in energy consumption following PoS launch.
The launch of the Beacon Chain also referred to as Phase 0 marked the start of the gradual transition away from PoW mining as ETH staking debuted via a deposit address requiring a minimum of 32 ETH for validators.
Currently, the total amount staked has swelled to $22.595B in ETH, a significant signal of widespread support with all staked ETH essentially locked until Phase 1.5 goes live. The Merge will involve a process called “docking” which denotes the integration of the current base L1 protocol layer with the Beacon Chain and marks the official transition into PoS.
Several key testing phases and upgrades including the Altair beacon upgrade and the Kintsugi testnet are being run to simulate the onboarding of the highly anticipated merge and help developers finetune the complex procedure in advance of PoS launch expected in mid-2022.
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