Ethereum 2.0 Staking Contract Hits 5 Million Benchmark in ETH
Ethereum 2.0, an advancement of the existing blockchain, currently holds over 5 million Ethereum. This estimate takes into account the network’s deposit contract, and it’s the highest figure that has ever been recorded.
Etherscan published statistics on the ETH tracking platform, revealing that the total value of the staked ethereum is approximately $14 billion.
Ethereum 2.0 began life in December of last year when Beacon Chain debuted. Within seven days of the launch, ETH community had staked over $1 million ETH to endorse the network’s upgrade.
Ranked the second biggest digital currency globally, Ethereum has had it rough the previous month.
On May 12, its price reached a record-breaking high of almost $4,350. But 11 days later, it plummeted to reach $1,800. At the time of writing, its price stands at $2,536.19.
In spite of this setback, ETH is still on an upward trend, having gained by over 250% since the beginning of 2021.
The latest increment in ETH’s price has triggered whale movements. At the start of this week, Santiment, a crypto feed for investors, shed light on the increase of whale ETH movements amidst the unpredictable nature of the market.
Based on the most recent data by Glassnode, Smart Contracts has ownership of almost 23% of the total Ethereum that is in supply.
The increasing popularity of DeFi products and NFTs are a few of the reasons why the world’s second-biggest cryptocurrency is thriving.
However, it still faces a couple of challenges. One of these is the increasing rate of the network’s gas fees.
Vitalik Buterin, Ethereum’s co-founder, emphasized the need to sort out such issues in the ETH network.