Ethereum Staking Contract Grows to $13 Billion in Staked Ether

Ethereum Staking Contract Grows to $13 Billion in Staked Ether

New reports show that Ethereum users and enthusiasts have deposited a significant amount of ether to the “ETH2 deposit contract.” At press time, total deposits into the contract are at 5,210,370 ETH. In monetary terms, these deposits, which began six months and three weeks ago, have brought the amount locked in the Beacon Chain contract to $13.6 billion.

Presently, there are over a dozen 32 ETH-sized transactions awaiting confirmation. To become a staking validator on ETH2.0, participants are required to have over 32 ETH worth $84k.

According to Etherscan, Ethereum co-founder Vitalik Buterin initiated the ETH2 deposit contract campaign in November 2020, after he deposited 3,200 ETH into the contract. At the time of deposit Buterin’s stake was worth about $1.3 million and is now worth over $8.3 million.

Meanwhile, Dune Analytics reports that out of the 108,461 transactions sent to the ETH2 deposit contract, 27,100 are unique depositors. Also, Beaconcha.in/charts data reveals that the contract added about 152,261 validators as of May 30.

Number of Validators Flowing Into Ethereum Staking Contract Spikes in May

The influx of validators into the ETH2 deposit contract has had an erratic trajectory since its launch. The inflow of staking validators skyrocketed towards the end of November but slowed down through most of early 2021. However, the influx of validators appears to have picked up steam in May. The last highest inflow of validators got recorded on May 26, 2021.

In addition to noncustodial options, Ethereum users can take advantage of custodial exchanges like Coinbase and Kraken to stake their ether.

A statistical report from Beaconcha.in/charts shows validator distribution by ETH1 deposit addresses with validators like Kraken, Binance, Whales, Huobi, Bitcoin Suisse, Staked.us, Lido, and Stakefish.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.