New ATH achieved by Ethereum 2.0 by surpassing 3M Ethereum

Ethereum 2.0 is secured, but an upgrade is still under development
  • Deposit Contracts of Ethereum 2.0 now has 30,70,498 Ethereum tokens locked in it
  • 2.67% of Ethereum’s total supply is now locked in the deposit contracts
  • Validators of the network have also achieved a new ATH of 85,000

Ethereum 2.0 is still under development but is now secured by more than 3 million Ethereum. According to data from Glassnode, it is observed that the Ethereum tokens securing the Proof-of-Stake (PoS) network have crossed the level of three million ETH tokens ($5.6 billion). The deposit contract has achieved a new all-time high after reaching 3,066,914 ETH tokens. 

Additionally, the validators of the PoS network have also achieved a new all-time high of 85,000. Node clients run by the developers is still a mystery.

Secured by 2.67% of Ethereum’s total supply : Ethereum 2.0 

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In the beginning of last November, the Ethereum 2.0 Beacon Chain, the epicenter of Ethereum’s new upgrade deposit contracts, was launched. Within just three weeks, the contract was found securing the necessary threshold of Ethereum to lock the chain’s rollout. According to the data from Etherescan, it is found that currently, the deposit contract has locked nearly 30,70,498 ETH in it.

As the Beacon Chain is a bridged network between the ETH network and ETH 2.0, it will help dock the current main net onto 2.0 when the time will come. Such docking will help ensure the network’s complete migration.

The surpassing milestone can help earn higher yields

Ethereum 2.0 will remove Proof-of-Work miners. This is because the network will become full PoS with validation no longer be carried out with GPUs, instead of staking 32 ETH. This will help in reducing the inflation rate from the block rewards by 80%. Additionally, ETH will have a variable yearly inflation rate, which will depend on the staked amount. However, the achievement of a new all-time high in just as many months now probably kicks in opportunity cost calculations. Indeed, one can potentially earn a higher yield by lending and borrowing the token.

On the other side, solutions like Lido can allow the users to both have a cake and eat that too. It tokenizes the staked Ethereum to offer the users a 1:1 pegged seth. Indeed, the staked token amount may increase as the reward will remain considerable at 9% per annum in Ethereum.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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