ETH2 Deposit Contract Hits 12 million ETH, Worth $34.5 Billion
The Beacon Chain is the first significant progress in Ethereum's shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Despite numerous delays during the past year, the largest Beacon Chain contract, valued at $34.5 billion, illustrates the strong demand and confidence in the future ETH2.0 network.
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Ethereum currently adopts a proof-of-work/stake consensus as "The Merge" progresses. The ultimate objective is to entirely transition to staking, which is more scalable and environmentally friendly. ETH 2.0 is already accessible on major exchanges, and staking can be done on the protocol. More and more hodlers are putting their tokens in the network as time goes by. The $1.4 million invested by Vitalik in phase 0 smart contracts was the genesis of the migration from PoW to PoS.[/caption]
To be a validator in the ETH network, you'll need 32 ETH tokens. Alternative techniques for depositing via liquidity pools do, however, provide smaller staking intervals for individuals who lack access to 32 ETH coins. As such, retailers have a chance to participate in the ETH2.0 network and earn passive rewards.
Eth2 Contract Surges Despite “Merger” Delays
The ETH developers first tested the PoS network in December, but the planned merger date of June 2022 was postponed yet again, giving no specific date when it would occur. The present value of the deposit contract, nonetheless, indicates that the market is quite confident about the future of Ethereum and its successful shift to staking.
The Ethereum network has suffered numerous setbacks and delays in the run-up to its most significant upgrade since inception. Despite the delays, the deposit contract has grown considerably, with over 2 million ETH deposited during the previous two months.
