Categories: Altcoin NewsNews

ETH 2.0 Reach Major Milestone; 100,000 Validators + 3 Million in Staked ETH


ETH 2.0, the new Proof of Stake network reached a major milestone today as the total number of validators on the platform crossed 100,000 with more than $3 million worth of ETH already staked. The upgraded Ethereum network launched the first phase of ETH 2.0 called Beacon Chain in December last year to start the three-phase rollout expected to take 2 years.


ETH 2.0 is said to be the biggest upgrade of the decentralized space as Ethereum being the second-largest crypto asset. The decision to move from Proof-of-work to Proof-of-stake was due to growing scalability issues, especially after the defi boom. The current Ethereum network has faced several connections over the last year resulting in a very high gas fee. The growing transaction cost on ethereum has also made Defi protocols quite expensive to use.

Vitalik Buterin the co-founder of Ethereum believes ETH 2.0 would be as fast and scalable as the centralized payment processing giants such as Mastercard and Visa once fully deployed. The PoS network would introduce sharding that would allow for parallel transaction processing in every block.

ETH 2.0: The Two-Year Roadmap and What to Expect at the End of it

ETH 2.0 promises a truly decentralized network that can compete with modern-day traditional payment processing giants, however, the two-year-long roadmap after years of making seems a long time. The current Ethereum network is suffering dearly as the average transaction cost is going around $10 making many Defi protocols and Dapps barely usable.

The growing scalability issues have also helped other similar blockchain networks to gain popularity in the short term. The likes of Binance Smart Chain and Cardano. Both the networks have registered tremendous on-chain volume at the cost of the Ethereum network. BSC is currently seeing double the volume of Ethereum primary because of its low translation cost and faster speed. Cardano yesterday processed $14 billion worth of trade for a mere 7,400 USD while the Ethereum network processed $13 billion for a whopping $3 million in transaction fee.



To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Recent Posts

Ethereum Price hits ATH, ETH/BTC Pair Reach 3-Year High

Ether (ETH) recorded a new ATH today reaching $2,593 after surging nearly 10% for the…

11 hours ago

HORD Announces Quadruple Token Sale Via IEO and IDO

Tortola, BVI, 22nd April, 2021, Hord, the provider of dynamic ETFs via decentralized smart contracts,…

11 hours ago

Deutsche Boerse Won’t Delist Coinbase Share After Exchange Offers Reference Code

Deutsche Boerse has decided against the delisting of Coinbase Inc shares from its Xetra and…

13 hours ago

Turkish Agency Opens Investigation Against Crypto Exchage Thodex Over Alleged $2B Fraud

Thodex, a popular crypto exchange in Turkey is currently under investigation for alleged exit fraud…

16 hours ago

Binance May Face Investigation by European Regulators for Offering Stock Tokens

Binance crypto exchange recently started offering fractional tokenized shares of Tesla and Coinbase allowing customers…

17 hours ago

Elon Musk And Jack Dorsey Agree Bitcoin Is Key to Renewable Energy Adoption

Jack Dorsey led Square Inc along with Ark Investment released a White paper on Bitcoin's…

19 hours ago