Do you have any issue?

What is Ethereum 2.0?

Updated on Thu, 26 Jan, 2023 at 11:37 AM

Ethereum 2.0 is the namewhich the Ethereum Foundation initially gave to the change in the network's consensus mechanism occurred after the Merge with the Beacon Chain.

Although the name Ethereum 2.0 was dropped and the blockchain did not ultimately change its name, we have decided to use this nomenclature to differentiate the previous Bit2Me Earn staking from the new staking by rewards based on the Proof-of-Stake model.

The Merge, the event in which the Ethereum consensus mechanism changed, took place on September 15, 2022, at 8:43 am.

Since then, the mainnet (Ethereum's main network) was merged with the Beacon Chain, and the entire transactional history, including every transaction, smart contract, and balance since July 2015, was also merged.

One of the first benefits of this change was the reduction of the network's energy consumption. After The Merge, Ethereum went from consuming 80 TWh per year to just over 0.01 TWh, a reduction of over 99%.

The switch to Ethereum 2.0 has also brought great benefits for users:

  • Much higher APY of up to 3% base and up to 5.5% with incentives for B2M holders (APY is variable and can change based on protocol, supply, and market demand).
  • Possibility to participate in the PoS process and support network development.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.