{"id":33646,"date":"2021-02-10T17:13:32","date_gmt":"2021-02-10T16:13:32","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=33646"},"modified":"2021-02-10T17:13:32","modified_gmt":"2021-02-10T16:13:32","slug":"ethereum-2-0-staking-deposits-exceed-3m-eth","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ethereum-2-0-staking-deposits-exceed-3m-eth\/","title":{"rendered":"Ethereum 2.0 Staking Deposits Exceed 3M ETH"},"content":{"rendered":"

Ethereum has continued to hit new milestones this bulls season. In yet another positive news for the ecosystem, over 3 million ETH has been deposited<\/a> to stake on Ethereum 2.0.<\/strong> With this, the deposited amount exceeded approximately 3% of Ether’s total supply for the first time ever.<\/p>\n

Meaning an astonishing $5.4 billion worth of ETH is now staked on the Beacon Chain deposit contract<\/strong>, as depicted by the Glassnode chart below. Besides, the network validators have hit an all-time high of 85,000 despite the fact that the lack of clarity data on what node clients they are running.<\/p>\n

\"\"<\/p>\n

The latest figure was a clear sign of the immense confidence on part of the Ethereum community, as the price of the asset traded crossed $1,700<\/strong>, rallying more than 11% in the past week. More people foraying the staking protocol demonstrated that interest is there from an organic point of view.<\/p>\n

This news comes at a time when Ethereum developers were trying to create a platform that can accomplish mainstream adoption while at the same time offering enough security interest that guarantees to its network users. As Ethereum founder, Vitalik Buterin<\/strong> had earlier iterated the ultimate objective is to scale the number of users to millions and potentially tens of millions.<\/p>\n

While any network participant can stake their ETH to earn rewards of up to around 23%. But there’s a catch. All deposits and rewards can only be withdrawn when Phase 1.5 of Ethereum 2.0 goes live which is set to happen in 2022 tentatively.<\/p>\n

Delays and Criticisms<\/strong><\/h3>\n

For the initiated, it is important to note that Ethereum 2.0 has been long heralded as a transition to a better consensus mechanism, something that has been debated and discussed for the past several years. What does it bring to the picture?<\/strong> Ethereum 2.0 comes with major improvements of Proof of Stake [PoS] and sharding. PoS is an alternative to Proof of Work [PoW] and is touted as a more energy-efficient and secure consensus algorithm for blockchain protocols.<\/p>\n

It was not until 2018, that the development first kicked off. Even after that, the road has not been a smooth one as it took a while to reach Phase 0.<\/strong> The first phase of this multi-year upgrade to increase performance and improve security was launched on the 1st Dec of 2020.<\/p>\n

Over the past two years or so, the Ethereum Foundation was at the receiving end of not just severe backlash and criticism towards Phase 0 initiation, but also regarding roadblocks in terms of updated roadmaps, multiple rumor-threads on the project\u2019s legitimacy among many other speculations.<\/p>\n

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If you found this article interesting, here you can find more\u00a0Ethereum News<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum has continued to hit new milestones this bulls season. In yet another positive news for the ecosystem, over 3 million ETH has been deposited to stake on Ethereum 2.0. With this, the deposited amount exceeded approximately 3% of Ether’s total supply for the first time ever.<\/p>\n","protected":false},"author":17,"featured_media":33649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,73,74],"tags":[4679,5025],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/33646"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=33646"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/33646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/33649"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=33646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=33646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=33646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}