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1% Of All ETH Is In The Deposit Contract And Deposit Contract Reaches 1,000,000 ETH

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Ethereum has now officially managed to launch Ethereum 2.0 with the Beacon Chain. Ethereum 2.0 Phase 1 started on time on 01.12.2020. And now it is clear that interest in Ethereum staking is growing steadily.

Ethereum 2.0 with more than 1,000,000 deposited ETH

The threshold required for the timely activation of Ethereum 2.0 has already been reached on 24.11.2020. After investors deposited the necessary minimum amount of 524,288 ETH on 24 November, new milestones have now been reached.

Within a few days, the deposited amount of ETH has almost doubled compared to the minimum quantity and now stands at more than 1,000,000 ETH for the first time.

The consequences of ETH staking on ETH price are easy to describe. 

The more ETH is being staked, the lesser it will be available for trading until the start of the next phase of ETH 2.0.

Depending on when the next phase of ETH 2.0 comes into play, it could take months or years to access the deposited Ethereum again.

If the number of deposited ETH continues to increase, this could undoubtedly impact the Ethereum price because of the demand/supply law.

The proportion of staked ETH has reached the 1% mark. Now 1% of all Ethereum is in the deposit contract. That is another significant achievement.

What is certain is that Ethereum is taking a huge step. A shift from an existing proof-of-work consensus mechanism to a proof-of-stake mechanism is like open-heart surgery.

The complete system is changing, and all the advantages and disadvantages of PoS systems will come into play.

Investors will likely see a high incentive to deposit their ETH in the new proof-of-stake mechanism. With an expected return that can also be in the double-digit range, this aspect of PoS is an exciting opportunity to invest in ETH staking.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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