Analysis: So far $1.2 Billion Worth of Ethereum has been Locked in Ethereum 2.0

December 24, 2020 2:27 PM UTC

For quite a while, the crypto enthusiasts have been waiting for the balls to start spinning for the Ethereum 2.0 upgrade. Roughly three weeks after the launch of the upgrade, so far, 2 million ETH has been locked that is worth more than $1.2 billion with current Ethereum’s price, $612.

Eth2 or “Serenity” is an essential upgrade to the network. It intends to direct the network’s security by bringing modifications to its infrastructure—most prominently, the shift to a proof of stake (PoS) model from a proof of work (PoW) consensus mechanism. Moreover, the upgrade also aims to improve the Ethereum network efficiency and scalability so that it can process more transactions with ease.

According to Dune Analytics, the necessary number of ETH that’s required to put Ethereum 2.0 into action has been exceeded by more than 380%. To achieve this milestone, about 45,000 transactions have been recorded.

New Staking Service, Kraken Ethereum Deposits Surge Abruptly

Several major players are planning to launch the Ethereum staking service. Binance, Huobi, and Bitcoin Suisse have been introducing their Staking services over the past week. OKEx is also looking to launch its staking service at the end of this month. Whereas, Coinbase plans to enter the track in “early 2021.”

MyEtherWallet, one of the most prominent Ethereum’s wallet, has also announced an integration with node-hosting service Staked in order to empower users to access Eth2 staking. Users can stake ETH through the firm’s browser or mobile wallet.

On the other side, cryptocurrency exchange Kraken has seen an abrupt surge in its ETH deposits, just less than a week after it started Ethereum 2.0 staking service. The total number of ETH staked on the exchange hit the 100,000 threshold.

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