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Ethereum 2.0 deposits top $6.5 billion, as ETH nears $2,000

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TL;DR Breakdown

  • About 3.493 million ETH has been deposited on Ethereum 2.0 staking contract.
  • Many Ethereum users are confident and want the Eth2 network sooner.

A lot more of Ethereum (ETH) has been staked on Ethereum 2.0 deposit contract since the Beacon Chain was deployed last year. Besides the increasing number of ETH on the network, the valuation has also increased significantly following the growing price of the cryptocurrency. Today, according to the Eth2 LaunchPad page, about 3,493,826 ETH has already been staked for the Proof-of-Stake (PoS) era and is still counting.

Over $6.5 billion staked in Ethereum 2.0

With Ether’s price at $1,873 during press time, the total number of coins deposited on the Ethereum 2.0 deposit contract is worth over $6.544 billion. Of course, the number of coins staked for Serenity or Eth2 is bound to continuously increase since it can’t be withdrawn, at least for the next couple of years. However, what’s interesting is the increased rate at which these cryptocurrencies are being staked for the PoS transition.

In December, a threshold of 524,288 ETH was needed for the deployment of the Beacon Chain, which serves as the backbone for the Eth2 properties. So, from that day to the present, more than 2 million ETH were deposited on the contract, showing a growing level of interest and confidence for the transition of the Ethereum network from a Proof-of-Work (PoW) model to PoS, which eliminates the need for miners on the network.

Ethereum community wants Eth2 sooner

Overall, Ethereum 2.0 promises a better experience for users, including greater scalability, which will stop the high transaction fees plaguing the current network at the moment. So, the Ethereum community is more optimistic and eager to embrace the PoS experience with Ethereum, the second-largest blockchain network. An Ethereum 2.0 researcher, Justin Drake, also confirmed this in a recent tweet.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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