29. November 2023

More than a million ETH already placed in staking on Ethereum 2.0

2 min read

Less than a week after the launch of ETH 2.0, more than one million ETH has been staked.

These ETHs cannot be used for other purposes or traded until the next phase of ETH 2.0 begins.

The equivalent of over $ 600 million in ETH is currently blocked for staking

ETH 2.0’s main Beacon Chain network launched on December 1. Interest in it is objectively growing, since the total number of ETH staked on the network has exceeded one million.

Just a few weeks ago, some users were concerned that the necessary number of ETH would not reach its required threshold on time, which would have delayed the launch scheduled for December 1.

As the number of ETHs in staking largely exceeds the threshold necessary for the initial launch of the network, it seems that these fears were unfounded. Only a few days after the launch of the network, the number of ETHs has already almost doubled the initial genesis threshold.

There is now over a million ETH (or over $ 600million) in the eth2 deposit agreement

What does this mean for Ethereum?

More ethers will be “staked” and less will be left for until the launch of the next phase of ETH 2.0.

Depending on when the next step of ETH 2.0 is successfully completed, it could be years before these ETHs are available again, which could dry up some of the assets on the sellers side.

ETH Ethereum Dump Mining

Knowing that over a million ETHs were staked on the new network in less than a week, we can expect that number to increase over time as more and more users and organizations will decide to get involved.

This percentage of ETH currently represents less than one percent of the total supply in circulation.

Proof of stake (PoS)

Ethereum 2.0 is a project Vitalik Buterin and the entire Ethereum development team have been working on for years. This is a new version that revolves around a change in the way transactions are verified.

Previously, Ethereum relied on a Proof-of-Work (PoW) transaction verification mechanism, which meant that transaction validation operators, or miners, had to provide electricity and computing power to validate transactions.

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