Staking is the act of depositing 32 ETH for validator software activation. As a validator, you are responsible for data storage, processing, and adding new blocks to the blockchain. This will keep Ethereum safe for everyone and provide you a new ETH. The Beacon Chain introduces this method, known as proof-of-stake.
The Ethereum 2.0 staking contract is currently the largest single Ether holder (ETH). According to the blockchain analytics service provider Nansen, the Eth2 staking contract is now the single largest owner of ETH. Unlike Ether, Wrapped Ether complies with the ERC-20 standard and counts as the favorite representation of ETH among ERC-20 currencies used in decentralized financial protocols.
Alex Svanevik, CEO of blockchain analytics company Nansen, revealed the results on Twitter on Tuesday. The statistics indicate that the deposit contract with the Beacon Chain, values at about $21.5 billion at current pricing holding 6.73 million ETH.
According to CoinMarketCap, the amount of Ether presently locked and stacked on Eth2 is 5.7% of the circulating supply of Ethereum. According to Beaconcha.in, there are currently 210,000 validators for the Eth2 network.
Furthermore, the Ether stake on Eth2, now locked and cannot be withdrawn from the agreement until the upcoming Ethereum chain merges. Thus, which will combine the Ethereum and Eth2 networks. The chain merging, presently scheduled for the first part of 2022.
Important Milestone For Eth2
According to Staking Rewards, Eth2 is now the third most extensive proof-of-stake network. Behind $49 billion of Cardano and $27.5 billion of Solana.
The announcement comes soon after an important milestone for the Ethereum roadmap Eth2. With the London upgrades successfully deployed by the network on August 5.
Moreover, the hard fork included the widely awaited 1559 proposal to improve Ethereum. Which introduced a basic transaction fee burnt from the supply into Ethereum’s payment market.
According to Ultrasound.Money, $175 million worth of 54,916 ETH, was devastated twelve days after London was live. Maybe more than 140,000 ETH burnt per month, at the present burn rate of 3.28 ETH if network activity remains constant.
