Billions Are Being Wagered on Breakthrough Ethereum Revamping.One of the biggest bets in all of crypto is being wagered on the autonomously-run DeFi platform Lido Finance.
Nearly $10 billion, or around 3.22 million Ether tokens, has been deposited on the decentralized finance protocol in anticipation of a successful completion of a long-awaited upgrade of Ethereum. The years-in-the-making software revision -- referred to as the Merge, targeted for later this year -- is supposed to dramatically cut energy use, eventually boost performance and possibly returns on what is arguably the most important blockchain network.
The big bet is being made through a fairly common crypto practice known as staking, which allows owners a way of earning passive income without having to sell their tokens. The staked coins are used to help validate transactions and secure the network in exchange for rewards based in part on the amount of new tokens minted and fees collected.
* A screenshot of the Lido Finance website.
