Tether will support ETH 2.0 amid speculations of Merge delay

Bitfinex and Tether’s chief technology officer Paolo Ardoino said on Sunday that Tether plans to support ETH 2.0, amid widespread speculations that the Merge may get delayed yet again. 

See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger

Fast facts

  • While the Merge has been delayed multiple times, developers said it is now expected to take place in the week of September 19, although the timeline is not concrete. 
  • The Merge, which will transition Ethereum to a proof-of-stake (PoS) consensus mechanism, is expected to reduce the network’s electricity consumption by over 99%. 
  • Over the weekend, speculations of the Merge getting delayed intensified, especially since the Georli and Sepolia testnet are yet to migrate to PoS from the proof-of-work (PoW) consensus mechanism. 
  • Moreover, crypto hedge fund Galois Capital shared a survey where over 33% of the respondents said they expect Ethereum to fork into two chains. 
  • “It’s not about what I/we prefer between PoW/PoS. Stablecoins should act responsibly and avoid disruption for users. Especially for DeFi it’s really delicate,” Ardoino said

See related article: Vitalik Buterin says Ethereum to be 55% complete post-merge