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Total ETH Value Staked in Ethereum 2.0 Deposit Contract Nears $4.1 Billion


u.today 03 February 2021 06:50, UTC
Reading time: ~2 m

The number of Ethers that stakers have deposited in the ETH 2.0 contract has reached a new all-time high, nearing $4.1 billion worth of crypto.

Stakers keep sending ETHs to ETH 2.0

Glassnode has been keeping an eye on how things have been developing with ETH 2.0 staking, and its analysts have tweeted that, since Dec. 1when more than half a million ETH was locked in the deposit contract (the amount that exceeded the initial goalthe amount of ETH deposited today totals a whopping $4,099,368,001.66.

This equals 2,865,227.85 ETH at the current rate of $1,424 per coin.

ETH

Locking ETH was necessary to start phase zero of the ETH 2.0 upgrade that has been anticipated by the community for several years. It is expected to greatly increase the number of transactions per second, solve other scalability issues and transfer Ethereum blockchain from proof of stake (PoS) to proof of work (PoW).

Now stakers have been sending more and more of their ETH to be locked in the deposit contract.

Ethereum nears a new all-time high

At press time, the second largest crypto, Ethereum, is trading above the $1,420 level.

Market participants are watching the charts as ETH is coming close to flipping the previous all-time high of $1,470 set on Jan. 25. Since then, ETH has been trading in a range below the $1,400 level and flipped it briefly only once, on Jan. 29.


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