Total value locked in Ethereum 2.0 contracts reaches over 30 billion USD

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2022-01-18 02:41:00

Ethereum (ETH) has just reached another great milestone before heading towards the most complete version of ETH 2.0, which is expected to launch this year.

Total value locked in Ethereum 2.0 contracts reaches over 30 billion USD

The amount of Ethereum locked in ETH 2.0 has steadily increased since the launch of the deposit contract in October 2020. It takes 32 ETH to become a node validator, but those who do not have enough 32 ETH can participate. stake using products staking by cryptocurrency exchanges. As a result, the number of active validating nodes on the Ethereum network has grown exponentially.

Last July, the Ethereum community celebrated the milestone of 6.6 million ETH staked on the network, which is about 5% of the total ETH supply. Less than six months later, this has grown by about 50%, to around 9,015,586 ETH, or more than $30 billion at press time.

Total value of ETH locked in ETH 2.0.  Source: Beaconchain
Total value of ETH locked in ETH 2.0. Source: Beaconchain

The move to Ethereum 2.0 will see the network move from the energy-intensive and computationally expensive Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). This will greatly reduce the resource consumption of the network, making ETH a more efficient and environmentally friendly blockchain.

In terms of progress, we can expect a high probability that ETH 2.0 will be officially deployed as soon as this year. Because, in 2021, Ethereum has done a great job of upgrading the steps on the “merger journey”, going from the mainnet Beacon Chain, 4 improvement proposals (EIP-2565, EIP-2929, EIP-2718 , EIP-2930) in the Berlin hard fork, the EIP-1559 mechanism for the London hard fork (now tested by Polygon to burn MATIC), and the Altair upgrade.

Besides, though, the Ethereum 2.0 testnet Kintsugi was announced to be successfully deployed by ETH developers on December 16, allowing users to test what it would be like to work in the new Ethereum network.

Although there were some unexpected minor glitches, the ETH team has been actively working to fix the bug. This proves that the perfection of ETH 2.0 is in the forefront.

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