Ethereum, the world’s second-largest cryptocurrency, is all set to discard its energy-intensive proof-of-work consensus mechanism sometime next week. While ETH’s price could potentially decouple from other cryptocurrencies post Merge, staking yields is expected to catalyze institutional adoption, Chainalysis said in its latest report.Uptrend in Institutional Stakers, the network’s staking rewards will make Ethereum similar to an instrument such as a bond or commodity with a carry premium.
The blockchain analysis firm stated that if the number of institutional-sized stakers accelerates faster post theADVERTISEMENT Currently, Ethereum makes up 97% of all GPU mining activity. The remaining GPU-mineable crypto assets have a collective market cap of a little over $4 billion, which is not sufficient to accommodate GPU miners.