Ethereum 2.0 Deposit Contract Surpasses $30B in Value

The Ethereum 2.0 deposit contract currently has roughly 9 million ETH in it, which is about $30.2 billion. Users Stake $30 Billion For ETH 2.0 The Ethereum 2.0 deposit contract has 9 million ETH locked in it. Users can move funds from the Ethereum Proof-of-Work mainnet to Beacon Chain, a Proof-of-Stake version of the blockchain that runs in parallel. In addition to the Proof-of-Work mainnet, which currently hosts all Ethereum dApps, the Ethereum core team has been running Beacon Chain since December 1, 2020. The much-anticipated ‘merge’ is a future event in which the Ethereum mainnet switches to the Beacon Chain for consensus, effectively removing Proof-of-Work from the Ethereum ecosystem. According to Etherscan’s most recent on-chain data, 9,008,082 ETH has been locked in the Ethereum 2.0 deposit contract. The deposits, valued at almost $30 billion at current ETH values, represent the first phase of Ethereum 2.0, also known as Serenity. More than 280,000 validators on Beacon Chain contributed to the 9 million ETH deposited. A user must deposit a minimum of 32 ETH, which is presently worth roughly $108,000, to become a validator. Ethereum’s Imminent Roadmap Ethereum, the world’s largest public blockchain, plans to convert to Proof-of-Stake consensus, which forces validators to stake their cash on the network in order to confirm new transactions. In contrast, the current consensus mechanism, known as Proof-of-Work, certifies tr...