Ethereum co-founder Vitalik Buterin has proposed a plan to increase network decentralization while maintaining security. In a recent post, Buterin suggested that the current staking requirement of 32 ETH to become a validator may be too high compared to the bandwidth requirement. He recommended that developers consider raising the bandwidth requirement slightly to lower the minimum staking deposit to 16 or 24 ETH, which he believes will enhance decentralization on the network.
“It’s net-good for both staking accessibility and scale,” Buterin noted.
With the ongoing PeerDAS upgrade and Orbit SSF developments, Buterin sees an opportunity to potentially lower the staking minimum to just 1 unit, further promoting decentralization on the Ethereum network.
Meanwhile, Ethereum’s price has been experiencing low bullish momentum amid the broader crypto market correction led by Bitcoin’s drop below $61k. ETH price against the US dollar is testing a critical support level, which could trigger a bullish rebound if selling pressure from whales subsides. Despite the daily death cross between the 50 and 200 Moving Averages, Ethereum’s price is showing signs of a potential bullish reversal, with an inverted head and shoulders pattern and a bullish divergence on the Relative Strength Index.
On the other hand, market data reveals that US spot Ether ETFs have seen low demand following their approval, with a net cash outflow of $557 million. Additionally, on-chain data shows that an Ether ICO participant deposited 19k ETH worth over $47 million to various exchanges for selling off.
As Ethereum strives for greater decentralization and navigates market challenges, the community remains optimistic about the network’s future developments and potential for growth. Stay tuned for more updates on Ethereum and the broader cryptocurrency landscape.