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10.9% of Ethereum Supply Now Deposited in ETH 2.0

Sun, 07/10/2022 - 16:00
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Tomiwabold Olajide
Total amount of ETH deposited in 2.0 contract has topped 13 million ETH
10.9% of Ethereum Supply Now Deposited in ETH 2.0
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According to Glassnode, the total amount of ETH deposited in the 2.0 contract has topped 13 million ETH, or 10.9% of the total supply. Of this, Lido held 4.13 million ETH, or more than 31.8% of the overall stake, and Coinbase, Kraken and Binance collectively held nearly 3.5 million ETH, or about 27% of the total stake.

To become a validator on Ethereum's Beacon Chain, which went live in December 2020, investors needed to deposit 32 ETH into an Ethereum 2.0 contract with no set withdrawal date.

Lido allows users to stake ETH using automatic, self-executing financial contracts and to receive yields in stETH, which can eventually be exchanged 1:1 for Ethereum, but is not possible until after the Merge.

With a total value locked (TVL) of $5.05 billion, Lido is currently Ethereum's fourth largest DeFi protocol, according to DefiLlama data. In terms of depositors, the platform accounts for the majority with 4.137 million ETH, or 31.8% of the total staked on the Beacon Chain.

In the past week, Ethereum's Sepolia testnet successfully merged its proof-of-work (PoW) chain with its proof-of-stake (PoS) chain, becoming the second of three public testnets to "merge," thus bringing the much-anticipated Ethereum 2.0 upgrade one step closer.

Following the 75% drop in the price of ETH from its ATH, the majority of stakers are "now firmly underwater," according to on-chain analytics company Glassnode. A total of 8.02 million, or 62% of the total staked, were deposited before ETH's record high of $4,867.

Ethereum fees drop to multiyear lows

For the first time in two years, according to on-chain analytics company Santiment, Ethereum's average transaction costs have fallen below the $0.90 threshold.

At the time of writing, the price of Ethereum is $1,185, down 2.88% from yesterday and down 75% from its all-time highs.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.