Ethereum 2.0 Deposit Contract Hits $5.5B in Ether

Ethereum 2.0 deposit contract now holds around 2.6% of Ethereum’s total supply. The Percentage is exactly 3,000,000 ETH, worth around $5.5B at the current price. 

Specifically, Ethereum data shows that users have since staked some 3,062,210 ETH. Recall that the deposit contract, named Beacon chain, was launched in early November 2020.

Since then, how to stake on the ethereum 2.0 blockchain became one of the top topics in the industry. The Ethereum community and the crypto community at large have shown interest in staking on the new big thing in crypto space. It saw huge patronage that within three weeks it had secured the necessary threshold of ETH to lock in the Beacon Chain’s launch, which took place in the first week of December.

Beacon chain, the epicenter of Ethereum’s new architecture is the bridge between the current Ethereum network and Ethereum 2.0; with time, the Beacon Chain will help “dock” the current mainnet onto 2.0 to ensure the network’s complete migration.

Unlike the current Ethereum blockchain, Ethereum 2.0 uses proof-of-stake instead of the proof of work consensus. On Ethereum 2.0 “validators” replace miners to process transactions.