More than 4 million ETH has been blocked for staking in the Ethereum 2.0 deposit contract. This amount has more than quadrupled since the start of the signal chain in December.
According to CryptoQuant, as of the end of April, Ethereum 2.0 validators blocked 4 million ETH worth about $ 11 billion at the current exchange rate for staking.
The total balance of ETH on the Ethereum 2.0 deposit contract
Ethereum 2.0 is an ambitious multi-year network upgrade plan that aims to move the Ethereum blockchain from the current Proof of Work (PoW) consensus to a Proof of Stake (PoS) algorithm. This will significantly reduce power consumption and also potentially lead to lower transaction fees and increased network bandwidth.
ETH 2.0 is currently in its first phase, dubbed Phase 0. Beacon Chain Ethereum 2.0 was launched in December, a week after more than 524,288 ETH were blocked in the Ethereum 2.0 deposit contract, and more than 16,384 validators expressed their willingness to join. to the network. At the time of launch, 881,569 ETH were blocked in the deposit contract, and 21,063 validator nodes are active in the main network.
Since then, the influx of ETH into the Ethereum 2.0 escrow contract has increased significantly. By the end of December, 2 million ETH were blocked for staking in Ethereum 2.0, and 3 million ETH in February. The ongoing rally in ETH has significantly increased the dollar value of Ethereum blocked for staking. In December 2020, ETH traded around $ 600, and in April its price first approached $ 2800.
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