The amount invested in Ethereum 2.0 has exceeded the 5 million ETH threshold

According to data provided by The Block’s Data Dashboard, the amount of Ethereum (ETH) in the Ethereum 2.0 staking contract has exceeded the 5 million threshold.

The amount invested in Ethereum 2.0 came to $13.6 billion

It is stated that the current amount in the contract is 5.2 million ETH, while this amount corresponds to 13.6 billion dollars as of now. At the time of this writing, ETH is priced at $2,630.

The Ethereum Blockchain is transitioning from a Proof of Work mechanism to a Proof of Stake mechanism as part of the main Ethereum 2.0 upgrade. This move will shift the ETH Blockchain away from being dependent on miners to process transactions. Anyone who deposits 32 ETH instead will have directly contributed to the continuation of the operation.

152k validators active with 99 percent success rate

According to the explorer, there are currently 152,000 validator (as opposed to miners) blocks currently processing on the Proof of Stake network. These validators have around 99% success rate for blocks and only miss 1% blocks every day.

The concept of investment contract means where Ethereum users send their ETH if they want to have a stake in the network. The amount of ETH in the deposit agreement represents the upper limit of the amount of funds used for staking on the network.ETH stakers on the network can receive rewards of up to 23%. But there is a catch: Both deposits and rewards will only be withdrawn when phase 1.5 of the Ethereum 2.0 upgrade planned for 2022 is released. In other words, the ETH 2.0 validators have entrusted their crypto funds to the system for a very long time.

In the meantime, if you’re wondering how Chinese investors got rid of cryptocurrency bans, you can read our article here .

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