3 million Ethers (ETH) are now in staking within the Ethereum 2.0 deposit contract.

This is about $ 5.4 billion at the current price.

The Ethereum 2.0 deposit agreement accommodates more than 3 million ethers (ETH) in staking, or approximately $ 5.4 billion.

3 million of ETH and strike

According to data from Dune Analytics , 3,036,898 ETH were submitted by 5,316 unique validators.

From 1 st January to 1 February the deposit agreement was abounded of 700,000 ETH . We also note that 8 validators have deposited more than 32,000 ETH. These addresses belong in particular to exchanges that offer staking to their customers.

The deposit contract serves as a bridge between the current Proof-of-Work (PoW) process and the new Proof-of-Stake (PoS) consensus.

How will Ethereum 2.0 work?

The proof of stake process involves locking in a certain amount of ether in a wallet in order to participate in the functioning of the Bitcoin Loophole. In theory, anyone can participate in the network as long as you have a certain minimum amount of ether. This activity is called staking. Holders with a minimum of 32 ETH can earn rewards in the form of annualized interest.

Never before has the cryptocurrency industry seen a blockchain of this size attempt to achieve a major update while ensuring business continuity on the network. This change is in fact essential, because it will allow to give more flexibility and speed to the Ethereum blockchain .