3.6 million ETH! Ethereum 2.0 staking contract reaches new high
- The amount of ETH staked in the 2.0 contract has reached a new high of 3.6 million.
- The total amount of ETH staked is over $6.1 billion.
- ETH 2.0 is a highly anticipated upgrade that is expected to increase the transaction rate to over 100,000 TPS.
The Ethereum 2.0 deposit contract recently reached an all-time high of 3.6 million ETH.
Glassnode reports that the total value of ETH at its Bitcoin Trend current price of around $1,631 is almost $6.1 billion. This is a huge amount, indicating a lot of support behind the upgrade.
📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 3,600,002 ETH.
View metric:https://t.co/SzbMPqvhlb pic.twitter.com/MpkXkzzOMK
– glassnode alerts (@glassnodealerts) March 28, 2021
The amount of ETH used has dropped by about 300,000 since then, but there is a clear trend of growth since the launch of the staking contract. Stakers have added over 1 million ETH since 1 January 2021.
The total amount exceeds 3% of the total Ethereum supply.
The ETH 2.0 upgrade will bring numerous improvements to the network, including sharding and a transition to proof-of-stake consensus. Ethereum co-founder Vitalik Buterin outlined how the changes will kick off in a Reddit post.
He cites a roll-centric roadmap, simplified merging and parallelisation of phases as the most important changes. Ultimately, the network is expected to be able to process 100,000 transactions per second.
ETH 2.0 remains as popular as ever
The ETH 2.0 deposit agreement of 1 Dec. 2020 required a minimum number of validators to go live. This was easily achieved and later even supported with over 3,200 ETH from Buterin himself. Kraken users alone have deployed more than 250,000 ETH.
🎉 Over 250,000 #ETH 2.0 have been staked & are earning rewards on Kraken 🎉
Do you want to earn a crypto yield & support keeping blockchains like Ethereum secure?
✨Learn how to stake with Kraken✨ https://t.co/K5waYvklKj pic.twitter.com/D8qhG61axk
– Kraken Exchange (@krakenfx) December 30, 2020
The upcoming changes to the network, which will be phased in gradually, are meant to prepare Ethereum (for Ethereum buy guide 2021) for the popularity of its dApps. High gas fees and transaction times have negatively impacted the market.
Some transactions on platforms like Uniswap can cost over $100.
The future of ETH certainly looks bright the way things are going. The DeFi market is closely tied to the performance of the Ethereum network. Therefore, among other things, DeFi market statistics could see a big boost after the improvements.