While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.
ETH2 deposit contract surpasses $3,000,000,000 level
According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.
As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.
Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.
It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.
Ethereum 2.0 “entry tickets” become really expensive
At press time, more than 52,267 addresses transferred money to the deposit contract.
Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.
Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).
According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.