1 year ago
78 Ethereum has crossed another milestone as its upgrade to proof of stake approaches. Data shows that Ethereum staking locked within the contract has now crossed 10% of the entire ETH supply. This represents more than $35 billion in staked value, based on the current price of ETH.
Ethereum officially began its network upgrade in December 2021 following the launch of Beacon Chain. Within the first week of its launch, there were more than 1 million Ethereum under ETH 2.0 deposit contract, which is massive support by any standard.
ETH 2.0 Staking Contract Crosses 10% Off The Entire Ethereum Supply
The community has now deposited more than 12.4 million ETH coins, which is massive in anticipation of the Ethereum 2.0 launch. Although the staking number is at an all-time high, the value of the staking contract has declined significantly due to the recent ETH price correction.
Within the past seven days, ETH has lost 6% of its value. Compared to its performance in four weeks, the second largest crypto asset has recorded a price dip of nearly 20%. Among the top 5 cryptocurrencies, Ethereum has been one of the worst-performing tokens. Yet, that has not stopped holders from depositing ETH in the staking contract. At the time, the value of ETH 2.0 deposited contracts was almost $40 billion.
Transaction Fees On ETH Network Decreases
Additionally, the platform has seen a reduction in transaction fees within the past few days. While the price has fallen slightly, the total number of transactions on the network still increases daily. On-chain analytics platform Santiment stated that the level of transfer activity on the Ethereum network increased substantially in recent times. Ethereum hit an all-time market capitalization of $500 billion in November last year. However, it has since dropped to $320 million as of press time.
