Ethereum 2.0 Deposit Contract Tops 7.2 Million ETH

Ethereum 2.0 Deposit Contract Tops 7.2 Million ETH

Over $23 billion worth of Ethereum has been staked under the deposit contract of ETH 2.0.

Ethereum (ETH) 2.0, the network upgrade of Ethereum, is getting immense support from the global ETH community as the total number of the staked ETH under the deposit contract of the network upgrade has crossed the mark of 7.25 million for the first time since its launch.

According to Etherscan, a leading block explorer and analytics platform for Ethereum, over $23 billion worth of Ethereum has been staked under the deposit contract of ETH 2.0. The deposit contract crossed the value of $20 billion during the second week of August 2021.

Ethereum 2.0 Deposit contract attracted approximately 1 million ETH within the last 4 weeks. The overall value of the staked ETH under the mentioned contract has jumped from $5 billion in February 2021 to over $23 billion in August.

The journey of Ethereum 2.0 started officially with the launch of Beacon Chain in December 2020. The ETH community staked nearly 1 million coins under the deposit contract of Ethereums network upgrade within the first three days of the launch.

During the first week of August 2021, the ETH network accelerated its journey towards the completion of the upgrade through the London Hard Fork.

Price Action of Ethereum

The price of Ethereum has seen a rapid jump in the last 5 weeks. The worlds second-largest digital currency has spiked by nearly 90% since 21 July 2021. In addition to the latest surge in the price of ETH, the overall network activity including whale movements and mining revenues have increased substantially in August 2021. “Ethereum has quickly rebounded to Tuesday levels, eclipsing $3,276 recently. With ETH transfer demand increasing, the amount of average gas used (in gwei) has risen sharply to 132.53 per transfer. This is a 3-month high in average gas fees,” Santiment mentioned on Twitter recently.

Ethereum is currently trading near $3,200 with a market cap of over $370 billion. The worlds second-largest digital asset now accounts for more than 18% of the total crypto market cap.