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$13.7 Billion in ETH Locked in Ethereum 2.0 Deposit Contact As London Hard Fork Draws Closer

Thu, 27/05/2021 - 8:14
$13.7 Billion in ETH Locked in Ethereum 2.0 Deposit Contact As London Hard Fork Draws Closer
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A Twitter account that tracks ETH validators, @eth2validators, has tweeted that another all-time high has been reached by validators who locked up their Ethers in the Ethereum 2.0 deposit contract launched in December 2020.

Now, the total value of ETH locked is over five million ETH.

Number of new daily validators soars to 1,097

As per data shared by@eth2validators, the USD worth of the TLV deposited to the ETH 2.0 contract now totals a staggering $13.7 billion. That is approximately 4.4 percent of the overall circulating Ethereum supply.

Each of the validators has had to deposit at least 32 ETH, which is the equivalent of $87,907.84 at today’s exchange rate of $2.754 per coin.

Besides, the number of new validators arriving on a daily basis has surged to 1,097, which is more than three times greater than a month ago, when 3,961,250 ETH were deposited.

The overall number of active validators today equals 148,761.

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Ethereum exchange withdrawals hit 11-month low

A chart provided by the Glassnode analytics team shows that investors have been withdrawing their ETH from crypto exchanges en masse.

ETH exchange withdrawals (7-day MA) have declined to an 11-month low, now totaling 651.262.

Earlier, it was reported that an anonymous whale had withdrawn 527,459 ETH ($1.5 billion) from the Binance exchange in merely ten minutes.

Later on, however, the provider of the chart, CryptoQuant, clarified that it had been an internal Binance transaction as the platform moved the ETH to its new cold wallets.

Meanwhile, more users are entering the ecosystem as the number of non-zero ETH addresses has reached a new all-time high of 59,723,647.


London hard fork is drawing closer

Overall, the Chief Strategy Officer of CoinShares, Meltem Demirors, believes that at the moment funds are moving from Bitcoin to Ethereum as the ETH London hard fork (EIP-1559) is drawing nearer.

The event is scheduled for July. This hard fork will not solve the present congestion and extremely high fees on the Ethereum chain but is expected to double the maximum capacity of the platform.


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