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ETH 2.0 Deposit Contract's Total Value Just Hit a Fresh High: Details

Wed, 01/26/2022 - 14:37
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Tomiwabold Olajide
Total value locked in ETH 2.0 deposit contract has just reached new highs: details
ETH 2.0 Deposit Contract's Total Value Just Hit a Fresh High: Details
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Recent data from Glassnode indicates that the amount locked just marked the fresh ATH of 9,213,714 ETH, worth over $23.9 billion at the current exchange rate. This means that nearly 8% of the total ETH supply of 119,318,828 is currently staked in the ETH 2.0 contract.

The increasing number of unique depositors, validators and the ETH balance on the Ethereum 2.0 deposit contract is an indicator that investors and the Ethereum community are bullish on the native token in the long term.

The growing number of unique depositors, validators, and ETH balances on the Ethereum 2.0 deposit contract indicates that investors and the Ethereum community have long-term bullish expectations of ETH.

As per Santiment data, Ethereum whales have decided to buy the dip by grabbing nearly $497.2 million worth of ETH. According to the on-chain analytics firm, ETH whale addresses holding 10,000 or more coins have added 200,000 ETH from weak hands since Jan. 20 to mark the largest accumulation in two months.

Ethereum reaches another milestone in addresses amid recent rebrand

Glassnode reports that the Number of Addresses Holding more than one ETH just rose to a fresh ATH of 1,407,532. The previous high of 1,407,198 was observed on Jan. 21. This might suggest a spike in retail interest.

The Ethereum Foundation remarked in a recent blog post that Eth2's branding failed to represent what was happening to the network during its round of upgrades. It further states that "ETH2" and the nomenclature that appears to distinguish the proof-of-stake chain from the proof-of-work chain might be phased out soon.

The foundation stated several reasons for the shift, including a poor mental model for new users, scam prevention, inclusion and stake clarity. The long-awaited switch of Ethereum from a proof-of-work mining model to a proof-of-stake consensus mechanism is scheduled to happen in either the second or third quarter of this year.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. 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.