Stakers Pledge Over 100,000 ETH to consensus layer.
The Ethereum community is still committing large amounts of the cryptocurrency to the ETH 2.0 staking contract, since the initiative was launched in November 2020.
Per the data published by multi-crypto data platform Tokenview, a total of 101,232 ETH worth $344.29 million were added to the Ethereum 2.0 staking contract in nearly a week.
“According to Tokenview, the balance of consensus layer ( Eth2) Deposit Contract is 10,800,210THETH. 101,232 ETH were added in a week. The number of transactions is 188,312,” Tokenview tweeted today.
Massive Growth of ETH 2.0 Staking Contract
Following the addition of 101,232 Ethereum to the cryptocurrency’s 2.0 staking contract, the address now holds a whopping 10,823,650 ETH valued at $36.81 billion.
It is worth noting that the landmark figure was recorded barely 15 months after the Ethereum 2.0 staking initiative was launched.
Recall that the ETH 2.0 contract, which required 524,000 ETH deposits before the rollout of Ethereum v2 phase 0, had a slow start with the little amount of the second-largest cryptocurrency contributed in the early stages.
However, deposits gained momentum, as the 524,000 ETH requirement was oversubscribed by 400% a few days before the launch.
Despite Ethereums’ contribution to the staking contract being inaccessible until the official launch of the 2.0 upgrade, contributors have continued to deposit large volumes of ETH.
The reason for this commitment is large because stakers who make deposits to the staking contract will earn 4.81% in annual rewards.
Ethereum 2.0 Edges Closer to Launch
The contract was launched as part of an effort to transition Ethereum from a Proof-of-Work (PoW) mechanism to a Proof-of-Stake (PoS) algorithm.
Ethereum developers opted for the PoS algorithm over the PoW because the latter is associated with slower and more expensive transactions, with fees soaring above $250 per transaction on certain occasions.
So far, significant efforts have been launched toward the full rollout of Ethereum 2.0 and the long-anticipated upgrade is currently in the “Kintsugi testnet.”