Today we’re covering eth2’s traction and providing an update on the eth1<>eth2 merge.
eth2 is continuing to grow! There is now:
I subscribe to the theory of eth2 staking as the Internet Bond (crypto’s equivalent of the risk free rate of return), proposed by Mara Schmiedt, BD Manager at Bison Trails, and Collin Myers. Only 5k ETH has been deposited to eth2 since our last update on March 18th, showing a slowing rate of deposits compared to prior months. In today’s bull market, many token holders are looking for higher risk activities, such as the 639k ETH locked up in Fei’s launch. We think there is still latent demand waiting to join eth2 and expect the staking rate to increase shortly, but anticipate that the staking rate may remain below 10% until the eth1<>eth2 merge.
Progress continues to accelerate on the merge, as researchers, client teams, and community members approach the work from several directions. Due to the nature of Ethereum development, there is no top-down, command-and-control-style roadmap by which things are done. Many efforts are in flight and the community works together to reconcile differences and reach consensus on important decisions before moving forward.
“[Last] week, protolambda and others released plans for Rayonism☀️, an ambitious month-long hack to create Merge devnets based on current specs with a stretch goal of adding sharding to these devnets along with L2 rollup integrations. The primary motivation is to unite development around a unified Merge spec to onboard all client teams firmly into the Merge design and process so that an informed decision on the Merge roadmap can be agreed upon in the coming months. That, and have a little bit of fun :)” - Danny Ryan’s Finalized no. 25
Incredibly, the initial merge spec for Rayonism is already available!
Rayonism takes place from April 16th to May 14th, which overlaps with the Scaling Ethereum hackathon (hosted by ETHGlobal) happening from April 16th to May 13th. There has never been a better time to get involved in advancing Ethereum. If you need any advice on where to start or who to talk to, slide into my DMs and I’ll be happy to help!
There are no official estimates at this time of when the merge will actually occur. Some folks are optimistic that a minimum viable merge will happen in 2021, but personally I think early- to mid-2022 is more likely. Altair happening in early summer leaves only ~5 months of the year to get everything implemented, tested, and launched.
Additionally, a lot of work will need to happen on the community governance side to make the merge possible, specifically around building consensus and queueing up support in the face of predictable FUD from folks that want Ethereum to stay on PoW as long as possible. With hundreds of billions of dollars in value on Ethereum, it’s important to get this right.
—Viktor Bunin, Protocol Specialist
Bison Trails is a blockchain infrastructure platform-as-a-service (PaaS) company based in New York City. We built a platform for anyone who wants to participate in 22 new chains effortlessly.
We also make it easy for anyone building Web 3.0 applications to connect to blockchain data from 30 protocols with Query & Transact (QT). Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.
In January, 2021, we announced Bison Trails joined Coinbase to accelerate our mission to provide easy-to-use blockchain infrastructure, now as a standalone product line. The Bison Trails platform will continue to support our customers. With Coinbase’s backing, we will enhance our infrastructure platform and make it even easier to participate in decentralized networks and build applications that connect to blockchain data.
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