Chainlink, a decentralized oracle network, notes on its website that this decision includes proof-of-work forks.
“This is aligned with both the Ethereum Foundation’s and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to [proof-of-stake] consensus.”
Ethereum is currently scheduled to merge to its new proof-of-stake system on September 19th.
The Merge, which will give rise to Ethereum 2.0, looks to solve the network’s scalability issues by setting the stage for future upgrades, including sharding.
According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the upgrade.
More than 13.23 million ETH worth nearly $22.7 billion has been staked into the ETH 2.0 deposit contract at time of writing, according to the Ethereum search engine Etherscan.
The Chainlink protocol plans to remain operational on the Ethereum blockchain during and after the upgrade.
LINK is trading at $8.46 at time of writing. The 25th-ranked crypto asset by market cap is down nearly 4% in the past 24 hours.
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