Ethereum (ETH) has faced the dilemma of moving to proof-of-stake in the usual way – by another delay in the mining “ice age”.
For the past three years, developers have voted several times to disable the difficulty time bomb, so that miners could get some grace time to seek block rewards.
The phasing out of mining is seen as an unreal promise on the side of Ethereum’s team. Despite the network problems on the proof-of-work model and the congestion based on gas usage, proof-of-stake for ETH will be only partial, and miners will remain important.
There are now fears that Ethereum may end up with two competitive chains. The exact resolution of the conflict has not been found as the rule of the longest chain can be disregarded and new assets can be produced.
If two competing branches continue to exist, this would create a chaos of liquidations and tokens, with an uncertainty on which network would be the legal one to define the liquidity of stablecoins.