Ethereum 2.0 Staking Contract Now Has 5 Million ETH

Ethereum 2.0, the network upgrade of ETH, now has more than 5 million Ethereum under its deposit contract, which is the highest level on record.

According to the latest data published by ETH tracking platform, Etherscan, the total value of the staked Ethereum under the staking contract of ETH 2.0 stands at around $14 billion in value. Ethereum 2.0 started its journey officially in December 2020 with the launch of Beacon Chain. ETH community fully supported the network upgrade and staked more than 1 million ETH within the first week of December 2020.

The world’s second-largest digital currency has seen a volatile month after the price of Ethereum touched an all-time high of nearly $4,350 on 12 May and reached a low of approximately $1,800 on 23 May. As of writing, ETH is trading near $2,700 with a market cap of over $310 billion. Despite the latest dip, ETH is still up by more than 250% since the start of 2021.

The recent surge in the price of ETH has accelerated whale movements. Earlier this week, crypto analytics platform Santiment highlighted a surge in whale ETH movements amid market volatility. “The amount of Ethereum whale transactions (greater than $100,000 in value) ballooned to levels not seen since January 2018 this week. After hitting an All-Time High of $4,358 just 9 days ago, ETH dropped to $2,015 (a -53.8% slide) in just one week,” Santiment tweeted.

According to the latest data published by Glassnode, Smart Contracts hold nearly 23% of the total Ethereum supply. The growing popularity of NFTs and DeFi products has increased the demand for the world’s second-largest digital currency. One of the biggest issues with the current ETH network is its rising gas fees. Vitalik Buterin, the Co-Founder of Ethereum, recently highlighted the importance of ETH 2.0 to resolve issues in the ETH network.

Due to the latest surge in Ethereum, the total value of Vitalik Buterin’s public ETH holdings reached the level of $1 billion.

(Photo: pixabay)

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