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- The Ethereum consensus layer, referred to as the “Ethereum 2.0” deposit contract, has outperformed 10 million in ETH staked, a supply of roughly 8% of the entire Ethereum supply.
- The “Ethereum 2.0” deposit contract will enable the transfer of funds to Ethereum’s Beacon Chain. Since the launch of EIP-1559, almost 2 million ETH have been burned.
- In the official Launchpad of Ethereum, each user was required to contribute at least 32 ETH in order to participate and acquire validation status on the network.
According to the quantitative analysis of Etherscan, a popular blockchain site, suggests that 184 441 transactions are the reason for 10.2 million Ether (ETH) staked into the Eth2 (consensus layer) deposit contracts since its launch last year on November 4. Based upon current Ethereum prices, the figure is approximately $26 billion.
The deposit contract allows Ethereum to be transferred from Ethereum’s mainnet to the Beacon Chain.
According to some mathematical calculations, as discovered by mainstream cryptocurrency publications and community advocates in the past few hours, the milestone was broken during block 14348729 on the evening of March 8.
A modification to the network’s terminology was published on the Ethereum Foundation in late January last year. The network went from Eth1, an initial proof-of-work blockchain, to Eth2, called the consensus layer, an execution layer, and the upcoming proof-of-stake blockchain.
The network has burned around two million ETH at a rate of 6 ETH per minute since the launch of EIP-1559 via London Hardfork in August. EIP-1559 aimed to stabilize Ethereum transaction fees and bought a base fee burn that destroyed ETH.
Each user is required to deposit and stake 32 ETH into the official Ethereum Launchpad for participating and acquiring validation status on the network. Around 309,000 validators contributed ETH, each of whom chipping-in more than 32 ETH. The number was approximately around $83,252 at the time of writing.
The evolution to the consensus layer is considered a highly-anticipated event within various fields of crypto such as DeFi, or DeFi Protocols, non-fungible tokens or NFTs, projects, and marketplaces to ETH asset holders, because of their dependency on the Ethereum blockchain for a multitude of on-chain engagements.
The hash rate metric of Ethereum reached an all-time high of 1.11 PH/s in January of this year. It is a prime indication of higher node adoption and decentralization at a high level through geographical aspects in the landscape of the Arrow Glacier upgrade.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
