The long-anticipated transition of Ethereum from proof-of-work to proof-of-stake begins with a merge of the PoW and beacon chains of the Ropsten testnet, which is expected in the next twenty-four hours.

This event has caused an acceleration in the accumulation of tokens on the ETH 2.0 contract address. Currently, there is over 12.8M ETH deposited, which is around 10.6% of the circulating supply (worth $23.8B). Staking pools is the leading category for deposits, where Lido is the undisputed leader, followed by several exchanges including Kraken and Binance, and a group of whales. Ethereum network includes about 400K validators, making it one of the most decentralized validator networks.

The Ropsten Merge is a key event preceding the Ethereum mainnet merge. If the merge is successful, Ethereum is expected to have completed its transition to PoS by the end of 2022.

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