The ETH community is not worried about the recent decline in price of the world second-largest digital asset.
The latest data from EtherScan, a leading block explorer and analytics platform for Ethereum, shows that the ETH community has significantly increased deposits under Ethereum 2.0 staking contract in the last few days.
The Ethereum 2.0 deposit contract now has 7.7 million ETHs, valued at approximately $25 billion. In August 2021, the total value of ETH 2.0 deposit contracts exceeded $20 billion for the first time in history. Over the past 5 weeks, the ETH community has staked more than 1.2 million on Ethereum under ETH2.0 deposit contract.
Ethereum’s network upgrade began on December 1, 2020, with the launch of Beacon Chain. The community staked about 900,000 ETHs under the deposit contract, and in the first three days of launch that number jumped to over 1 million.
Earlier this month, Arch Invest CEO Kathy Wood praised ETH’s network upgrade. “Our confidence in Ethereum has gone up dramatically as we have seen the beginning of the transition from proof-of-work to proof-of-stake,” Wood said at a conference last week.
In addition to institutional interest, ETH’s Github activity has grown exponentially over the past few weeks.“Ethereum price has been volatile of late. Despite this, we’re seeing that the notable github submission activity for the number 2 market cap asset has grown back to May rates. It’s encouraging to see that the ETH team continues to innovate and improve,” Santiment said recently.