Ethereum 2.0: staked Ether (ETH) near $6 million

• Ethereum 2.0 deposit contract has been launched.
• In less than 24 hours of launch, the network gained nearly $6 million worth of Ether staked.

The Ethereum community seems ever ready for the launching of the long-awaited Serenity upgrade or Ethereum 2.0. On Wednesday, Ethereum devs announced the deployment of the deposit contract for the Eth2. This is marked as an important development towards the launching of Ethereum 2.0. Basically, it opened the door for Ether (ETH) holders to stake their cryptos to back the upcoming upgrade.

More than 14K ETH staked for Ethereum 2.0

In less than 24 hours after the deposit contract was deployed, more than 14,000 ETH has been staked. According to the dedicated Eth2 Launch Pad webpage, exactly 14,629 ETH has already been staked by the community to back the network. Following the current price of the cryptocurrency at $404 on Coinmarketcap, the staked cryptocurrencies summed to $5,910,116. 

Remarkably, more than $1 million worth of Ether was staked in the contract in less than one hour after the contract’s announcement, as The Crypto Cactus confirmed after sending 32 ETH to the contract.

$1,000,000 locked in $ETH 2.0 in 30 minutes…

Just remember for anyone staking, one way bridge.

I have sent across 32 ETH 🙂

— Cactus (@TheCryptoCactus) November 4, 2020

As per the Eth2 Launch Pad, at least 524,288 ETH staking on the contract and 16,384 validators must be achieved before the mainnet is launched. Going with the current staked ETH on the network, there are 509,659 ETH left to the threshold.

ETH price

The price of Ether reacted positively after the announcement of the Ethereum 2.0 deposit contract. For a few days now, the cryptocurrency has been fluctuating below $390. However, the cryptocurrency surged past the $400 price level again following the announcement yesterday.