🤔 Ethereum devs propose to increase validator requirement by 64 X

Hello there! Welcome to Coinsauce's Roundup🗞️. Brace yourselves for the latest and greatest from the world of crypto, delivered straight to your inbox. Let's jump right into today's top stories.

Trending over the past 24 hours 👇️ 

1. 🤔 Bold or Stupid? - Ethereum developers propose raising validator limit to 2,048 Ether from 32.

2. 🙈 More Pain? - Celsius to convert over $215 mil worth altcoins to BTC and ETH.

3. 🙏 Justice served - Do Kwon Sentenced to 4 months jail in Montenegro document forgery case.

Ethereum's Staking Shake-Up 👀 

Ethereum core developers plan to implement a 64X increase in the minimum staking requirements to become a validator, from 32 ETH to 2048 ETH. Is this a smart move or are they digging their own grave? Let’s find out 👇️ 

The proposal was made by Ethereum Foundation researcher Michael Neuder. He feels that although the current limit of 32 ETH allows more validators to join the Ethereum network, making it more decentralized, it also leads to an inflation of the validator set size and provides operational efficiency to large node operators, such as exchanges, which currently manage thousands of validators.

According to him, the proposed change in requirements could ultimately help the Ethereum network become more efficient over time. Besides this, he also called for auto-compounding validator rewards to allow validators to make more money on their staked ETH.

The proposal is still under debate and isn’t actively being worked on. It has received mixed reactions from the crypto community, with some users stressing that it would make the network more centralized.

In our opinion, we feel that given the regulatory crackdowns by the SEC and Ethereum's transition to Proof of Stake, this move could potentially backfire and would raise concerns about the classification of $ETH as a security. Let’s hope Ethereum is not digging its own grave 💀 

Subscribe to Premium to read the rest.