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Eth2 rises to fourth-largest staking network in the world

Saudu Clement
Saudu Clement

Despite launching just six weeks ago, the Eth2 staking contract has grown to become the fourth-largest staking network by the total value of locked assets (TVL). As of press time, the contract had more than 1.5 million Ether (1.35% of Ethereum’s supply) locked – valued at around $1 billion.

So far, withdrawal functionality has not been enabled neither is there a precise date for the full launch of Eth2. However, the staking contract keeps growing. This may not be unconnected with the DeFi boom of 2020. A large percentage of DeFi projects are built on the Ethereum blockchain. And with scaling on the way, investors might be seeing a long-term future in Ethereum.

As per staking rewards, the estimated ROI is approximately 13.20%. This means staking 32 ETH ($20,640) would yield $2,725 over the next year at Ethereum’s current price of around $645.

The top-3 spots in terms of TVL are being controlled by Polkadot, Cardano, and Tezos. Ironically, both Polkadot and Cardano are products from Ethereum co-founder Gavin Wood and Charles Hoskinson, respectively. Polkadot has nearly $3.4 billion TVL, Cardano enjoys a second spot with staking TVL of $3.37 billion and Tezos boasts of $1.38 billion.