More than 10 million ETH have been deposited in Ethereum 2.0 Deposit Agreement

The deposit contract for staking on Beacon chain – the blockchain providing the spine of the Ethereum 2.0 ecosystem – has now collected over 10 million ETH. That’s $26 billion of staked value at current prices.

Ethereum 2.0 is a long-awaited Ethereum upgrade that will convert Ethereum’s consensus mechanism from proof of work to proof of stake.

The core of Ethereum 2.0 will be Beacon chain. It is expected to merge with existing Ethereum chains and replace miners by July this year.

Although Ethereum 2.0 has not been officially released, ETH holders can already stake their holdings on a beacon chain. The contract currently holds 10,021,538 Ethereum, which is equivalent to $26,124 956 981.62.

Whereas proof of work requires “miners” to expend electricity mining blocks, proof of stake places block validation in the hands of those that stake their ETH holdings. Vitalik Buterin believes this will reduce Ethereum’s carbon footprint while providing it with more transaction scalability.

However, the founder said the same thing about Ethereum’s London hard fork upgrade, which failed to meaningfully reduce the network’s gas fees.

Ethereum 2.0 currently holds the third-highest staked value, compared to other proof-of-stake coins. It is currently only slightly behind Terra and Solana, but it has already surpassed Cardano.

All Beacon chain validators are running a full node, meaning Ethereum’s node count should increase exponentially upon Ethereum 2.0’s arrival.

 

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