Ethereum 2.0 already has more than 2 million ETH blocked on its network – Latest News, Breaking News, Top News Headlines

Key facts:

The new network now concentrates 1.75% of the total supply of ethers in the market.

Ethers deposited in network contracts will be blocked for at least two years.

More than 2 million ethers are now deposited in Ethereum 2.0 smart contracts, data from shows. The figure has been reached less than a month after the launch of its phase 0, thus exceeding the participation expectations that were had for the new network.

ANDthereum 2.0 would now contain 1.75% of the total supply of ethers that have been issued on the blockchain, taking into account that up to now there are some 114 million ethers in circulation. In addition to the recent rise in the price of ether, which exceeded $ 700 per unit, the amount of money deposited in Ethereum 2.0 is already in the order of $ 1.4 billion. The total has been deposited by Ethereum users since the first days of December with the main objective of becoming validator nodes.

It must also be taken into account that all the ethers deposited in the Beacon Chain, the name given to the first Ethereum 2.0 chain dedicated to the registration and management of validator nodes, will generate a return on investment. The first participants who deposited ethers in the network contract calculate profits in the order of 16.5%, while those who at this point is it so By depositing ethers, they will receive an ROI of 10%.

They will receive this reward within two years, a period for which these ethers will be blocked until the start of phase 1.5 in 2022. While the transition occurs, both the old Ethereum network and the recently inaugurated one will coexist with independent accounting .

However, given the huge share Ethereum 2.0 has recorded, the outlook seems to indicate that the migration between both protocols has been accepted in the community.

Stake in Ethereum 2.0 does not decrease

The current record breaks the forecasts for participation in Ethereum 2.0, a perspective that has even recently been confirmed by Vitalik Buterin, one of the founders of the blockchain.

The network exceeded the minimum number of validators it needed a few weeks ago. And it is that according to data from BeaconScan, currently there are about 45,000 active validators and another 20,000 on standby. Likewise, graphs on this website confirm that activity on the Beacon Chain has remained stable, oscillating between 96% and 99% per day.

Ethereum 2.0 would start a new stage for the most popular network of smart contracts on the market. The blockchain would go from having a mining based on Proof of Work (PoW) with miners and GPU cards, to working with Proof of Stake (PoS) mining where the contribution of cryptocurrencies in the blockchain allows it to function as a transaction validator.

According to the Ethereum developers, this change in standard will provide greater security and scalability to the network, thus improving the interaction of users with the applications that make life on it.