Lido, Coinbase, Kraken and Binance stake majority of ETH. Does that matter? • TechCrunch

The Ethereum network is nearing its final hours before the Merge, which will move one of the most important global blockchains from a proof-of-work (PoW) system of achieving consensus to proof-of-stake (PoS).

The upgrade to the blockchain has raised concerns in the crypto community that Ethereum could become less decentralized — more centralized — by moving to PoS from PoW, the latter of which powers the Bitcoin blockchain, for example.

Concerns regarding an increase in centralization due to PoS on the Ethereum blockchain post-Merge may have some merit. The current Ethereum staking market — staking is how Ethereum token (ETH) holders could contribute to the Merge before its execution and how consensus and new tokens will be distributed afterward — isn’t as decentralized as some may think.