New All-Time High for Ethereum: 12.7 Million ETH Locked in Deposit Contract: Details
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Glassnode has reported that the amount of Total Value Locked (TVL) in the Ethereum 2.0 deposit contract has increased to reach a new all-time high.
TVL in Ethereum 2.0 reaches new peak
As the time of the switch to Ethereum 2.0 and proof-of-stake is drawing closer, more people are deciding to invest in ETH 2.0.
By now, the all-time high of funds locked in the ETH 2.0 deposit contract has spiked to 12,718,148 Ethers. That is the equivalent of $25,017,868,930.
? #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 12,718,148 ETH
— glassnode alerts (@glassnodealerts) May 31, 2022
View metric:https://t.co/SzbMPqvhlb pic.twitter.com/7Am86BSSlP
Earlier, U.Today reported that the switch (also known as "the Merge") to Ethereum 2.0 is expected in August.
The main improvement this event is expected to bring to the ecosystem is that Ethereum will change the proof-of-work algorithm it is currently using to proof of stake. The latter consumes 99% less energy, which would make it a lot more eco-friendly than cryptos that run on PoW, such as Bitcoin, Litecoin and DOGE.
Investors keep increasing the supply of Ethereum locked in the deposit contract in order to later receive profits from staking.
On April 10, according to the Glassnode chart, the amount of Ethereum locked in the contract was 11,347,810 coins. Over a million ETH have been added since then.
Yuri MolchanEthereum back above $1,900
At the moment, Ethereum is recovering some of its recent losses as it has risen back to the $1,970 level. Recently, the collapse of Terra's Luna and its algorithmic stablecoin, UST, pushed Bitcoin, Ethereum and the whole crypto market into a pit of red.
To cover their losses from the plunge of LUNA and Terra below zero, traders and investors began selling BTC, ETH and other cryptos. The Bitcoin price fell below $30,000, and Ethereum went down under $1,900.
At the time of this writing, BTC has recovered to the $31,570 zone and Ethereum is changing hands slightly under $2,000.
Related articles
Alex Dovbnya
Vladislav Sopov
Dan Burgin