Ethereum 2.0 launched at the end of 2020 and has seen steady growth across the board.
Even before climbing to a new all-time high price for the first time in three years, Ethereum had been one of the most-talked-about cryptocurrencies and blockchains in the industry.
The ETH 2.0 staking contract — the deposit address containing the ETH dedicated to validating its new Proof-of-Stake network — has surpassed another milestone. It now holds about 2.4 percent of the entire circulating supply, surpassing $2.8 billion in total value staked on the network.
Stacking Up Against the Competition
Ethereum may have less than three percent of its circulating supply staked on the network, but it still ranks as the fourth-largest blockchain network by value staked.
Ethereum currently trails behind Polkadot, Cardano, and Avalanch, with $9.7 billion, $7.8 billion, and $3.2 billion respectively.
With a current estimated APY of 10.28 percent, determined by Staking Rewards, Ethereum also offers one of the most attractive yield rates when compared to its competitors. Only Avalanche and Polkadot clock in with slightly higher yields of 11.07 percent and 13.83 percent respectively.
What is Ethereum 2.0?
Ethereum 2.0 is the migration of the Ethereum network from a Proof-of-Work (PoW) verification method to Proof-of-Stake (PoS). The transition of protocols makes it easier for the average user to get involved, due to lessening the dependency on specialized computing equipment and vast amounts of electrical energy.
The change also provides other fundamental benefits to the network. Ethereum’s goal, when the full mainnet and all its capabilities come to fruition, is to increase transaction speeds while simultaneously lessening the cost per transaction.