Ethereum 2.0 Staking Contract Reaches 3.6 Million ETH

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In Brief
  • The amount of staked ETH in the 2.0 contract reached a new high of 3.6 million.

  • Total staked ETH amounts to over $6.1 billion.

  • ETH 2.0 is a highly anticipated upgrade that aims to boost its transaction rate over 100,000 tps.

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The Ethereum 2.0 deposit contract recently reached an all-time high of 3.6 million ETH.

Glassnode is reporting that at its current price of approximately $1,631, the total ETH value amounts to nearly $6.1 billion. This is a massive sum, signaling a great deal of support behind the upgrade.

The amount of staked ETH has since dropped by about 300,000, but there is a clear trend of growth since the staking contract launched. Stakers have added over 1 million ETH since January 1, 2021. The total amount exceeds 3% of the entire Ethereum supply.

The ETH 2.0 upgrade will bring numerous improvements to the network, including sharding and a transition to a Proof-of-Stake consensus. Ethereum co-founder Vitalik Buterin, in a Reddit post, outlined how the changes would roll out:

He identifies the most important changes — a roll-centric roadmap, a simplified merge, and parallelization of phases. After all is said and done, the network is expected to handle 100,000 transactions per second.

The ETH 2.0 deposit contract, which went live on Dec. 1. 2020, required a minimum of validators to go live. It achieved this easily and later on even went to receive over 3,200 ETH from Buterin himself. Kraken users alone have staked more than 250,000 ETH.

The upcoming changes to the network, which will be introduced in a phased manner, will prepare Ethereum for the popularity of its dApps. High gas fees and transaction times have affected the market negatively. Some transactions on platforms like Uniswap can cost upwards of $100.

The future of ETH certainly looks bright with the way things are going. The DeFi market is tied closely to the performance of the Ethereum network. Therefore, following more improvements, DeFi market statistics could see a large boost.

Disclaimer

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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