In the run-up to the chain’s full upgrade this year, Ethereum 2.0 has almost $26 billion worth of ETH in its deposit contract.
The staking deposit contract on the Beacon chain — the blockchain that serves as the backbone of the Ethereum 2.0 ecosystem – has already gathered more than 10 million ETH. At current prices, that’s $26 billion in staked value.
Ethereum 2.0 is a long-awaited Ethereum upgrade that will replace Ethereum’s proof-of-work consensus mechanism with proof-of-stake.
The Ethereum 2.0 chain, which will join with the existing Ethereum chain and replace miners by July of this year, will be built on the Beacon chain.
ETH investors can already stake their holdings on the beacon, even though Ethereum 2.0 has not yet been launched.
According To Vitalik Buterin, Proof Of Work Can Lower Ethereum’s Carbon Footprint While Increasing Transaction Scalability.
Proof of stake places block validation in the hands of individuals who stake their ETH holdings, whereas proof of work requires “miners” to spend electricity mining blocks.
This, according to Vitalik Buterin, will lower Ethereum’s carbon footprint while increasing transaction scalability.
The founder, on the other hand, argued the same thing about Ethereum’s London hard fork update, which failed to cut the network’s gas expenses significantly.
Ethereum 2.0 presently has the third-highest staked value on its network when compared to other proof of stake coins. Only Solana and Terra are ahead of it, and it has already surpassed Cardano.
All Beacon chain validators are running a full node, meaning Ethereum’s node count should increase exponentially upon Ethereum 2.0’s arrival.