Ethereum 2.0 explodes forecast - 6 million ETH already tied up

By: Bharggavi Ssayee

July 9, 2021 9:27 PM

The time flies ! It has already been 7 months since phase 0 of Ethereum 2.0 was initiated. Indeed, this launch required that at least 524,288 ETH be staked (put into play) on this new version of the network imagined by Vitalik Buterin. Launch that finally took place from December 1, 2020. Today, the number of these ethers on Ethereum version 2 has literally exploded.

A V2 already well satiated (or not?)

Despite the decline in ether prices in recent weeks, long-term investors are still betting as much on the future of the Ethereum network, which will turn out to be a proof of stake (PoS). It must be said that the staking rewards, paid to ETH 2.0 validators, are more than enticing.

As can be seen from the address of the deposit contract, the 6 million ethers have recently been reached and exceeded. As a reminder, this contract allows you to bet your ethers from V1, in batches of 32 ETH, to become a validator on V2.

At the current rate, that represents the handsome sum of nearly $ 13 billion. There are now close to 188,000 validators on the new version of Ethereum.

Source:www.etherscan.com

Note from the graph below that the drop in ETH prices - from $ 4,000 to $ 2,000 during the month of May - did not stop the continued rise in stakes on ETH 2.0 at all. Better, it even seems to have motivated an acceleration of deposits at the end of May. Would investors with a long-term vision have taken advantage of these “balances” to strengthen their stake.

With the London update on its way and expected to be implemented on Ethereum 1.0 by the end of July, things are looking good for Vitalik Buterin's network. Hopefully, the transition from V1 to V2 - called “The Merge” - could well take place before the end of this year.