👉 News. By switching to Proof-of-Stake, Ethereum no longer works with miners (like Bitcoin) but with validators.
👉 Background. To become a validator, you need to tie up 32 ethers (more than €40,000) on Ethereum.
👉 Why this is important. Lido is a rather ingenious protocol that allows anyone to become a validator without necessarily having 32 ethers.
For the past week, there has been a sense of relief in much of the crypto ecosystem. Ethereum's Merge, which we've explained to you in detail over the past two weeks, has gone very well. The blockchain is still working and consuming much less power than before - a 99.5% drop - thanks to Proof-of-Stake. Perfect, you might say!
Except that this update has also changed the way Ethereum works, which no longer runs in exactly the same way. It is no longer miners (Proof-of-Work) who run the protocol, but validators.
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