Over $600M Worth of ETH Is Now Staked on Ethereum 2.0

After a bit of dull start during the early days of its launch the Ethereum’s upgraded version Ethereum 2.0 has successfully been able to stack over $600 million.

According to an On-Chain explorer service, Etherscan, Ethereum 2.0, after four days of launching its new Block-Chain, Beacon-Chain has locked up over $600 million through, its smart contracts.

Although, in the week, during which Beacon-Chain was launched it could only be able to get 50,000 ETH on board out of which 3,200 had come from Ethereum’s own creator, Vitalik Buterin. But in the following weeks, the Ethereum”s force showed up significantly and end up crossing the minimum required deposits of 524,000 ETH, though through the help it got from WHALES, a lending protocol and Celsius Network which is claiming to have ceded 25,000 ETH in favour of Ethereum 2.0 and many other crypto funds and Token holders.

Currently, the stacked up amount has crossed $600 million, which will eventually reward stakers in the future as other phases of Ethereum 2.0 launch and the amount being stacked, open up for withdrawals. However, one thing which is still not revealed as of today is annual yields on the stacked funds.

According to On-Chain analytics firm Dune Analytics, currently, the stacked funds are 116% higher than Ethereum 2.0 required. The amount consists of a total of 3028 depositors, who stacked a minimum of 32 ETH each.

The launch of Ethereum 2.0 will make the network more reliable, reputable and beneficial for the users. Ethereum 2.0 is part of Ethereum’s multiphase move towards a proof-of-stake protocol, away from its current proof-of-work design.

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Danna James

Danna is a journalist and technical writer with six years of experience researching and creating crypto articles, reviews, and how-to guides for different online media outlets, and academic journals.

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