Wednesday, July 28, 2021
Home Crypto News Market 1% Of All ETH Is In The Deposit Contract And Deposit Contract...

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

- Advertisement -

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.

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

The Graph to use Polygon for its billing system

Singapore, Singapore, 28th July, 2021, Polygon proof-of-stake (PoS) is an Ethereum scaling solution whose ecosystem attracts the brightest developers from all over the world....

Coca-Cola To Launch First-Ever NFT Collectibles

Coca-Cola and Tafi became partners as Tafi is designing virtual wearables for Coca-Cola's first-ever non-fungible token (NFT) collectibles to celebrate International Friendship Day on...

Binance CEO Aims To Make Binance Regulated Worldwide, Also Daily Withdrawal Limit For Binance Unverified Accounts Reduced And Binance Leverage Trading Limit Reduced

Changpeng Zhao, Binance CEO and Founder, stated that Binance will work with local regulators in order to establish Binance regional headquarters.

Utah Resident, A Dogecoin Fan Selling His Home For Crypto Offers a Generous 10% Discount only If He Is Paid In Doge

According to local TV station KUTV (Video Below), an American citizen from Utah joined the ranks of those selling their property for cryptocurrencies. Utah Resident,...

Panther Protocol Partners with Vegaswap

Midtown, Gibraltar, 27th July, 2021, Panther Protocol, the privacy protocol, has partnered with Vegaswap, the automated market maker (AMM) protocol with multichain support. Vegaswap is...

European Digital Identity: Talao Announces Professional Credential Solution

Paris, France, 27th July, 2021, Talao, a blockchain-based Digital Identity specialist for the Human Resource industry, today announced a professional credential application to transform...

Vechain CEO, Sunny Lu Interview By Fenbushi Capital, Sunny Lu Talks About Partners, Investors And The Three Historic Choices

VeChain CEO, Sunny Lu, was interviewed by Fenbushi Capital for their Distributed Entrepreneurship Column. Sunny talks partners (DNV, PwC), investors (Fenbushi, Fenchain), and the three...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly