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Total value staked in Ethereum 2.0 has surpassed 1.5 million ETH

ethereum

TL;DR Breakdown:

  • ETH staked on Ethereum 2.0 deposit contract has surpassed a total of 1.5 million.
  • The figure has constantly been increasing, as users are confident in the PoS era.

The number of staked coins on the Ethereum 2.0 networks continued to increase steadily even after the required threshold to launch the Beacon Chain was attained. In a tweet on Wednesday, the crypto on-chain analytics platform, Glassnode reported that the total number of Ether (ETH) staked on Eth2 deposit contract had surpassed a milestone record of 1.5 million. 

Perhaps, the steady rate of ETH staking on the network suggest more level of confidence the Ethereum community has Proof-of-Stake (PoS) era on the second-largest blockchain.

Over 1.5 million ETH has been staked

A further glance on the Eth2 LaunchPad website shows that exactly 1,505,537 ETH has been staked on the network. This amounts to over $879 million, following the price of Ether at $584 on Coinmarketcap. Glassnode said the staking rate had constantly been rising since the past weeks. The threshold needed to launch Phase 0 was reached on November 24. 

From that day, the number of coins staked on the Ethereum 2.0 deposit contract increased by 176 percent when compared to the current record today. Note that, these staked coins cannot be withdrawn yet until the next development Phase – with the transfer function – is launched. Hence, ETHs staked for Ethereum 2.0 becomes illiquid; an issue many people said could cause the poor Eth2 staking.

Lido flaunts solution to Ethereum 2.0 illiquid staking

A staking service provider, Lido Finance, recently raised about $2 million in preparation to debut its Eth2 liquid staking mainnet. The platform planned to solve the illiquidity issue in the current stage of Eth2 by issuing a token in return for any coin staked. The token will represent the actual value of ETH, allowing holders to trade on crypto exchanges and the decentralized finance (DeFi) market.

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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