Almost six million Ether (ETH) has been staked on the Ethereum 2.0 deposit contract, according to data provided by Eth2 Launchpad. This milestone shows how confident Ethereum users are about this major upgrade, not minding that it could take years to be launched.
Over $12.4 Billion ETH Staked
At the time of writing, about 5,958,361 ETH was staked on the deposit contract, worth over US$12.4 billion at $2,090 per coin. In addition, the number of validators has increased to 180,873.
Since the Beacon chain went live in December last year, the number of ETH staked on the network has been increasing at a notable pace. This is evident given more than 5.4 million ETH has been added to the network in that six-month period.
At 6 million ETH, Ethereum 2.0 will account for over 5.1 percent of all ETH in circulation.
Why Ethereum 2.0?
Ethereum 2.0 – also known as Serenity – is a major upgrade to the current Ethereum network. On several occasions Ethereum has suffered network congestion, resulting in slow transactions and expensive fees. This scalability issue led to the proposition of Ethereum 2.0, which will transition the mainnet from a Proof-of-Work (PoW) consensus model to a Proof-of-Stake (PoS).
Most importantly, Ethereum 2.0 will remove the need for miners, since PoS runs with staking, meaning it will be greener. Serenity will bring a lot of improvements to Ethereum and will essentially address the issue of scalability that has been plaguing the network. This simply means it will be faster and cheaper to use the network when Ethereum 2.0 is finally deployed.
Ethereum 2.0 is expected to follow four development phases before launch. We are currently in the first stage (ie, Phase 0 – Beacon Chain), left with the three other phases, which may take up to three years.
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