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Home Crypto News Market Ethereum 2.0 Became The Third Biggest Staking Project After Polkadot And Cardano

Ethereum 2.0 Became The Third Biggest Staking Project After Polkadot And Cardano

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The new all time high price puts Ethereum 2.0 in third place among the largest staking projects.

In just one month, the market capitalization of the second-largest cryptocurrency doubled from 88 to 174 billion US dollars. Price going above 1600 US dollars, and making new all-time high. A year ago, Ethereum price was just below 200 US dollars.

As a result of the price increase, the total value of all Ethereum staked in Eth2 has reached a new all-time high of 4.1 billion US dollars.

This place Ethereum at the third largest staking project behind Polkadot (DOT) and Cardano (ADA). The staking capitalization of Polkadot currently amounts to approximately 9.9 billion US dollars. Cardano is only slightly behind with 9.5 billion US dollars.


Apparently there is large gap between Ethereum and its staking competitors, But Ethereum 2.0 is only in the test phase. A comparatively small proportion of only 2.19 percent of the ETH supply is deposited in the staking Contract. On the other hand, in Polkadot, 60 percent of the entire supply is staked, while Cardano has 70 percent of its supply deposited in staking.

The figures already indicate the immense potential of Ethereum 2.0. Because staking in Ethereum is only beginning and is in testing phase.

The Ethereum staked cannot be withdrawn until the the launch of phase 1. But still, Eth 2 has a great demand, which shows trust of investors.

Originally it took 16,384 validators to launch the Beacon Chain, the testnet environment that runs parallel to the Ethereum mainchain and acts as a Proof of Stake. Currently, the Beacon Chain counts over 78,000 validators. More than 12,000 validators are also waiting for their entry into the next slots.

The fact that Ethereum is behind Polkadot and Cardano in terms of staking capitalization seems only a matter of time. Ethereum 2.0 is without a doubt the biggest staking project.

FTX US

In addition, with the introduction of the sharding in Phase 1, the network receives the much-needed scaling booster that will minimize the transaction costs.

Ethereum future is bright, and staking in ETH 2.0 is trusted by a vast number of investors. With time Institutional investors will definately come in to buy ETH like BTC. Interest of Institutions buyers will not only help ETH price increase, but also the overall Ethereum worth and name will become popular.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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