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Documenting Ethereum, an account that tracks interesting and important metrics of the Ethereum (ETH) ecosystem, registered another record of the Ethereum 2.0 deposit contract.
One more way to buy the dip
According to the latest Twitter post by Documenting Ethereum, in May 2021, a record-breaking number of new depositors joined Ethereum 2.0 contract.
Record no. of new eth2 deposits in May. pic.twitter.com/VUKQzprTj4
— Documenting Ethereum 🦇🔊 (@DocumentEther) June 10, 2021
In May, 26,681 new deposits were transferred to this contract. The previous record was registered in December 2020, during the last month of the three-digit Ethereum (ETH) price so far.
Due to an impressive rally of the Ethereum (ETH) price in March and April, joining Ethereum 2.0 depositing became too expensive. As covered by U.Today previously, the minimum value of stake to be included into Ethereum 2.0 mechanisms is set at 32 Ethers.
At the present time, Ethereum (ETH) price sits at $2,461. The all-time-high of Ether price was registered at over $4,372 on May 11, 2021.
Ethereum 2.0 deposit contract eyes 5.5 million Ethers
As a result, Ethereum (ETH) price is now 43.7 percent down from its record level. So, joining Ethereum 2.0 validation now costs $61,500 cheaper than it did in early May.
The Ethereum 2.0 design replaces the current Proof-of-Work consensus with a Proof-of-Stake one. Once Ethereum 2.0 is activated, stakers will confirm the Ethereum (ETH) transactions instead of miners.
Every staker will receive periodical rewards in Ethereum. By printing time, 5,457,250 Ethereums from more than 170 000 potential validators will be transferred to the Ethereum 2.0 contract.
The net value of this monstrous contract exceeds $13,4 billion.