• Wed. Nov 29th, 2023

Staking Contract of Ethereum 2.0 Now Holds More Than $2 Billion

Hassan Mehmood

ByHassan Mehmood

Jan 5, 2021

After the accumulation of more than $2 billion in the smart contract of Ethereum 2.0, it has become the fifth-largest staking network. The protocol has witnessed enormous growth as there is an increase of over 428% after completing the threshold value milestone.

Staking of 2.2 Million ETH

As per the data reveals by Dune Analytics, there is more than 2.2 million ETH staked in the staking contract of Ethereum 2.0. As the price of Ethereum stands at $1,049, the value of staked ETH is equivalent to over $2.3 billion.

StakingRewards’s data shows that ETH 2.0 has achieved the fifth rank in the largest staking protocols list. Polkadot, Cardano, and Synthetix are standing at the top slots.

The protocol’s deposit contract needed 524,000 ETH for launching, but the interested depositors outshined the threshold limit, and the value is now up 428% since the launch.

However, there is a disparity between the numbers of stakeholders and the staked amount. There are only 4,483 unique validators, which are responsible for $2.3 billion staked ETH. The big validators also include Ethereum co-founder Vitalik Buterin with 3,200 ETH and lending firm Celsius Network with 25,000 ETH.

The process of coming deposits is continued as depositors submitted 34,000 ETH Yesterday. According to Dune Analytics, the amount of staked ETH has increased many folds with the start of the new year.

The staking contract is a part of consensus migration from the proof-of-work to proof-of-stake. The new consensus will solve the scaling issues and will make the network more safe and secure. Currently, the network is running over the principle of proof-of-work that requires mining for validation of transactions.

After the second-largest crypto coin broke above $1,000, the discussion about Ethereum has become an interesting topic on the microblogging site Twitter. The staff at The TIE notes that tweets involving Ethereum have reached an all-time high. “Tweet volumes are smashing all-time highs. There are more than double as many ETH tweets (41K) over the last 24 hours than any other time in the tokens existence,” they said.

The network’s gas fees are also at a high position due to the accumulation of traders and investors interested in purchasing the second-largest cryptocurrency. According to YCharts.com, the ETH gas fees have touched a high mark of $17.43 in Yesterday’s trading session.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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