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Deposit Contract of ETH 2.0 Reaches 5.6 Million Ethereum

source-logo  financemagnates.com 17 June 2021 07:45, UTC

Ethereum 2.0, a much-awaited network upgrade of Ethereum (ETH), now has more than 5.6 million coins under its deposit contract, the highest level on record. According to the latest data posted by Etherscan, the total value of ETH locked under the staking contract of Ethereum 2.0 stands at around $13.5 billion.

ETH 2.0 officially started its journey in the first week of December 2020 with the launch of Beacon Chain. Nearly 1 million Ethereum coins were staked within four days of the launch. ETH network has started its shift from the current proof-of-work network to an improved proof-of-stake network.

The overall value of the staked ETH under Ethereum 2.0 has dropped significantly during the last few weeks, mainly because of the latest dip in the price of the world’s second-largest cryptocurrency. Ethereum reached an all-time high of over $4,300 on 12 May but the digital asset has lost more than 45% of its value since then. As of writing, Ethereum is trading near $2,400 with a market cap of $280 billion and a market dominance of 17.5%.

Top Ethereum Addresses

Large ETH wallets play an important role in the network activity of Ethereum. According to the latest data compiled by crypto analytics firm Santiment, the world’s top 10 non-exchange ETH wallets hold more than 19 million coins. “The top 10 Ethereum non-exchange whale wallets are continuing to climb in terms of ETH held. Combined, the 19.67 million coins held by these addresses are the most combined ETH owned by the top 10 non-exchange addresses since July, 2016,” Santiment mentioned in a Tweet.

Earlier this month, Finance Magnates reported about the recent plunge in the supply of Ethereum at leading cryptocurrency exchanges. According to the latest data published by Glassnode, digital exchanges are now holding less than 13 million ETH, the lowest level in more than 2 years. On the other hand, Smart Contracts are now holding more than 23% of the total supply of ETH.