Total Staked ETH In Ethereum 2.0 Contract Skyrockets To A Whopping $25 Billion
Total Staked ETH in Ethereum 2.0 has skyrocketed by over $12.764 million, following a stake by 398k unique validators. This is according to a tweet by glassnode, the leading on-chain and financial metrics, charts, data and insights for Bitcoin and digital assets.
ETH 2.0 Would Replace Proof Of Work System With Proof Of Stake
With ETH 2.0 rumored to take place between August and October 2022, it has been revealed that 10.73% of Ethereum’s circulating supply has already been staked. ETH 2.0 staking was birthed back in November 2020.
In the latest ETH 2.0, Ethereum’s proof of work system would be replaced by the proof of stake system in what is widely known as “The Merge”. While miners make up the validation process of PoW, transactions would be validated by stakers in PoS using nodes.
As of April, The Merge had already passed key testnets and a major shadow fork, and according to ETH core developer, Preston Van Loon and co-founder, Vitalik Buterin, the switch is slated to take place in August, except otherwise.
ETH 2.0, or Eth2, is a network upgrade on the world’s second largest blockchain, Ethereum, which is currently at Eth1, and is called the consensus layer. It consists of three phases; The Beacon Chain, The Merge and Shard Chains.
Ethereum Price Pumps About 7%
In view of Ethereum’s planned transition to Eth 2.0, Sigma Prime, a blockchain firm, managing the ETH 2.0 consensus client, Lighthouse, in an announcement on May 30, revealed the release of v2.3.0 on GitHub.
The transitioning process raised some uncertainties and led to an ETH value of $1750, about a 10% fall in the price of ETH, on May 25. A slight recovery in the crypto market led to price pump though.
A pump of about 7% was recorded after the price of ETH rose to hit a high of $1909. Another wave of rally is anticipated as block reorganization on the Beacon Chain is hoped to be fixed by the upgrade.
The release of v2.3.0 is expected to fix important bugs and also, improve the Ethereum mainnet and already existing, Beacon Chain. The latest upgrade version closes the door to users who wish to downgrade to earlier versions, except on Prater and Mainnet.
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Breaking: $10 Trillion Vanguard Plans to Offer Crypto ETFs to Brokerage Clients
- BlackRock Loads Up on Bitcoin, Files For Premium ETF to Increase BTC Yield
- Best 10 Crypto Cards for 2025
- Expert Projects HYPE Token Upside as Bitwise Files for Hyperliquid ETF With SEC
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Is Ethereum Price Set for a rebound as Whale accumulation Intensifies?
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
