Main navigation

Ethereum (ETH) 2.0 Deposit Contract Surpasses Historical Milestone: 3% Ethers Staked

News
Tue, 03/09/2021 - 11:20
article image
Vladislav Sopov
Ethereum 2.0 accomplishes yet another crucial milestone. Is supply shock in sight?
Ethereum (ETH) 2.0 Deposit Contract Surpasses Historical Milestone: 3% Ethers Staked
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Twitter account Eth2Validators, which tracks the basic metrics of the Ethereum 2.0 staking progress, has reported that one out of every 33 Ethers in circulation is now locked in an ETH2 deposit contract.

Three percent of Ethers: new staking milestone

The Eth2Validators team noticed that three percent of the ETH supply is now allocated to the Ethereum 2.0 deposit contract. This became possible as 107,105 ETH2 enthusiasts locked 3,442,946 Ethers total.

3% of Ethereum (ETH) supply now staked
Image via Twitter

In recent days, more than 670 validators have joined Ethereum 2.0 staking mechanisms daily. Thus, one newbie enters the ETH2 validators' club almost every two minutes.

With that input, expected annualized rewards for average validators surpass eight percent.

The minimum "staking" amount in Ethereum 2.0 is 32 ETH, so it takes almost $60,000 to become a validator. Even with such expensive "entry tickets," Ethereum (ETH) supporters transferred $6.37 billion to its deposit contract.

Ethereum (ETH) price is back above $1,800 as EIP-1559 is confirmed

Meanwhile, the Ethereum (ETH) price starts another wave of its rally. It rocketed above $1,850 for the first time since Feb. 22, 2021. The confirmation of the much-anticipated EIP-1559 may have contributed to this upsurge.

As covered by U.Today previously, EIP-1559 is expected to be included in the London hardfork in July 2021. It will implement periodic fee burnings, making Ethereum (ETH) a deflationary asset.

Related
Ethereum (ETH) Devs Share Details of Berlin Hardfork (Spoiler: No EIP-1559)

Ethereum 2.0 is a proof of stake (PoS) version of the Ethereum (ETH) protocol. It will split the whole Ethereum (ETH) network into a system of interconnected shards and replace mining with staking as a basic mechanism of blockchain security.

The full rollout of Ethereum (ETH) 2.0 instruments will take some years while its first element was launched in December 2020.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)