ETH2 Deposit Contract Hits 12 million ETH, Worth $34.5 Billion

As of April 29th, the Ethereum 2.0 deposit contract, Beacon chain, has reached a balance of 12 million ETH or roughly $34.5 billion. The ETH2 deposit contract was established in November 2020 and presently accounts for around 10% of the overall circulating supply of ETH. The Beacon Chain is the first significant progress in Ethereum’s shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Despite numerous delays during the past year, the largest Beacon Chain contract, valued at $34.5 billion, illustrates the strong demand and confidence in the future ETH2.0 network. To be a validator in the ETH network, you’ll need 32 ETH tokens. Alternative techniques for depositing via liquidity pools do, however, provide smaller staking intervals for individuals who lack access to 32 ETH coins. As such, retailers have a chance to participate in the ETH2.0 network and earn passive rewards. Eth2 Contract Surges Despite “Merger” Delays The ETH developers first tested the PoS network in December, but the planned merger date of June 2022 was postponed yet again, giving no specific date when it would occur. The present value of the deposit contract, nonetheless, indicates that the market is quite confident about the future of Ethereum and its successful shift to staking. The Ethereum network has suffered numerous setbacks and delays in the run-up to its most significant upgrade since inception. Despite the delays, the dep...