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Coin Market Cap - Ethereum [ETH] Price & Analysis on June 24, 2021 [CoinMarketCap]. In the past 24 hours, more than 100K ETH have been staked on Ethereum 2.0, bringing the total to over 6 million ETH.
As Ethereum 2.0 nears its launch date, the amount of ETH staked will probably continue to grow.
Yesterday, CryptoQuant released information revealing that more than 100k ETH valued at over $200 million were sent to the Ethereum 2.0 deposit contract in a single day.
Now that the new staking has taken place, the total value of ETH in the Eth2 contract now surpasses 5% of the cryptocurrency's circulating supply.
ETH 2.0 had just crossed a major milestone earlier this month when the amount of tokens staked surpassed 5.2 million ETH, or $14 billion at that time.
Based on current market conditions, 174,318 validators are working on ETH 2.0, with that much ETH staked in the deposit contract being worth $11.6 billion due to recent market losses. In comparison with the minimum ETH threshold, the current figure represents more than a 1,000% increase.
ETH stakes and validators are on the rise, which shows that the Ethereum community continues to see the value in ETH 2.0.
In the ETH 2.0 upgrade, scalability and high gas fees are among the issues that were addressed.
As well, Ethereum will switch from the highly resource-intensive Proof of Work (PoW) consensus algorithm to the more efficient Proof of Stake (PoS). With PoS now being implemented in Ethereum 2.0, the blockchain will become more eco-friendly.
In theory, ETH 2.0 is supposed to be faster and more reliable than the current system because of these adjustments.
Thumbnail Image: "Ethereum Classic Wallpaper - ETC is watching you" by EthereumClassic is marked under CC0 1.0. To view the terms, visit https://creativecommons.org/licenses/cc0/1.0/
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