ETH2 staking contract tops 3 million Ethers
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ETH2 staking contract tops 3 million Ethers

Saudu Clement
Saudu Clement

Ethereum has continued to hit milestone after milestone this year; from reaching new all-time highs twice in the same month to rising to the third-largest staking network. The latest on the network’s list of achievements is the amount of staked Ethers on the Beacon Chain staking contract.

The Ethereum 2.0, aka Eth2 staking contract now holds over 3 million Ether, which is worth more than $5 billion at current market prices. According to analytics platform beaconcha.in, the contract has over 84,000 active validators and 8,800 validators on the waiting list.

The demand to stake Ethers and earn rewards in return appears to be on the rise. For some context, the deposit address held around 1 million ETH just two months ago. The staked Ethers is earning around 9% annually in ETH. The surprising thing is that rewards cannot be withdrawn until Phase 1.5 of Eth2 goes live later in 2022.

Meanwhile, on-chain metrics provider CoinMetrics revealed that Ethereum has surpassed Bitcoin in terms of adjusted on-chain value transfer. Thanks to the DeFi boom and a surge in smart contract transfers, Ethereum’s adjusted transfer value rose above $19 billion on February 4.