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Ethereum 2.0 deposit contract now has more than 7.7M ETH

Ethereum 2.0 deposit contract now has more than 7.7M ETH

Last updated 19th Jan 2022

With more than 7.7 million Ethereum, the Ethereum 2.0 deposit contract has passed the equivalent of 25 billion in US dollars. Far from worried about the recent drop in the second biggest cryptocurrency in the world, the Ethereum community has increased the deposit under the staking contract of Ethereum 2.0 significantly in the last few days, data from Etherscan, a leading block explorer and analytics platform for Ethereum, shows, Finance Magnates wrote.

A highly successful network upgrade

Ark Invest CEO Cathie Wood was one of many who praised the network upgrade of ETH:

“Our confidence in Ethereum has gone up dramatically as we have seen the beginning of the transition from proof-of-work to proof-of-stake.”

Her opinion is shared by most community members. Last month, Etherscan data showed that there was more than $20 billion in total in the staked ETH under the deposit contract of ETH 2.0. Holders staked more than 6.5 million Ethereum coins under the deposit contract. Ethereum 2.0 was a highly anticipated upgrade of the Ethereum network, which has received nothing but support from the Ethereum community since December of last year, when Beacon Chain officially launched.

The first step toward a full network shift

Beacon Chain is the first step towards a full shift of the Ethereum network. It will play a key role in the new blockchain to PayPal, Visa, and other rivals. The community has staked over 1.2 million Ethereum under the deposit contract of its network upgrade over the last 5 weeks.

The official network upgrade commenced on 1 December 2020. The number passed a million within the first three days of the launch after community members staked approximately 900,000 ETH under the deposit contract.

ETH’s price surge has played an important role in the recent increase of coins staked under the 2.0 deposit contract. When Beacon Chain launched, Ethereum was changing hands at just $580 per ether. At the moment of posting, it was trading at $3,130.18. Its total market cap is over $368 billion.

Ethereum’s activity of github and institutional interest have both increased dramatically over the past several weeks. Santiment, a provider of tools to assist in analysis of crypto markets, who looks for data-driven opportunities on behalf of clients to optimize their investments, recently commented:

“Ethereum price has been volatile of late. Despite this, we’re seeing that the notable github submission activity for the number 2 market cap asset has grown back to May rates. It’s encouraging to see that the ETH team continues to innovate and improve.”

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.