Ethereum 2.0 Deposit Contract Receives Its Largest Single-Day Deposit

24 June 2021 | Updated: 24 June 2021

The total number of ETH staked in the Ethereum 2.0 deposit contract continues to increase exponentially and would likely continue to do so as the launch date gets closer.

According to a report by CryptoQuant yesterday, the ETH 2.0 deposit contract received over 100,000 ETH (worth over $200 million) in a single day, its most significant single-day transfer so far.

That said, the new staking has brought the total value of ETH locked in the deposit contract to over 5% of the total circulating supply of the cryptocurrency.

Earlier this month, the Ethereum network recorded a significant milestone after the total amount of Ether staked on the ETH 2.0 deposit contract exceeded 5.2 million coins, valued at $14 billion at the time.

At press time, a total of 174,318 validators process the blocks on ETH 2.0 with over 5.88 million ETH staked in the deposit contract, valued at $11.7 billion due to the prevailing bearish market conditions. This amount represents a whopping 1023% increase from the minimum 524,000 ETH required to confirm the staking process.

The increasing number of validators and staked ETH is a telltale sign of the Ethereum community’s excitement in the vast possibilities of the ETH 2.0 upgrade.

What Comes with the Ethereum 2.0 Upgrade?

The ETH 2.0 upgrade is the proposed solution to many of the problems currently plaguing the Ethereum network, such as scalability and excessive gas fees.

The upgrade will introduce sharding to the network to improve the efficiency and scalability of Ethereum. Sharding ensures using parallel processing by a network by distributing data verification tasks among several sets of nodes, with each node responsible for verifying only the day it receives.

Although sharding is only a layer-1 scaling solution, Ethereum co-founder Vitalik Buterin announced earlier this year that his team is working on a layer-2 solution to make the network 100x more scalable within the next few months.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.