Eth2 Clocks the Third Largest Staked Value as Ethereum Scores New ATH
The Eth2 network has become the third-highest staked asset, accumulating a total of approximately $3.8 billion. The breakthrough comes after Ethereum reached a new all-time high, breaching the $1,500 mark. Ethereum 2.0 validators recently surpassed 70K, and it seems that the network is charging for greater profits as the financial year 2021 counts down.
At the time of writing, the value of ETH has a 6.17% 24h market price change. The crypto’s market cap has now totaled over $173 billion. Polkadot and Cardano are the two digital assets standing above Eth2 in terms of staked capital, with figures above the $9 billion mark. The amount of ETH staked in the Eth2 network now stands at 2.13%.
Ethereum’s Investors Appear Bullish
Ethereum’s upward trend could be a possibility that investors are playing the long game. Since Eth2’s beacon chain onset, the number of deposits made on the network has increased immensely. Phase 0 of the ETH2.0 contract’s launch saw an exceeding number of ETH deposits amounting to 531,872ETH.
The value exceeded the required 524,288ETH for Phase 0 to officially take off. The launch consequently boosted the price of ETH, which surpassed $600 with a support zone starting at 500 dollars.
The recent price upsurges show that more and more investors are jumping into the Ethereum bandwagon, awaiting the official take off for ETH 2.0. Ether has also charged ahead on the ETH/BTC market, outperforming Bitcoin by 70%. Crypto analysts are also claiming that the Ethereum blockchain network’s ongoing changes will shorten the supply of ETH coins. The signs that ETH prices might continue to go up are somewhat decisive.
The re-emergence of profitable DeFi tokens also does make things look juicy at the Ethereum investment end. DeFi tokens, embedded in the ETH network, were developed to eradicate the need for intermediaries and exchanges in making digital asset transactions. Nevertheless, the tokens have faced quite a backlash from exchanges such as Robinhood, which banned buying stocks from Gamestop and AMC.
The good road that ETH is treading is signaling a very lucrative investment plan for investors; whether it will be a better investment than BTC is yet to be seen.
Eth2 Looking as a Sign of Hope
The transition on Ethereum’s network from PoW(Proof-of-Work) to PoS (Proof-of-Stake) comes as a relief as many investors demand a piece of the ETH cake. As the crypto price continues to soar to new heights, gas fees for transactions prove a nuisance to investors. Ethereum gas transactional fees are not constant; they fluctuate depending on the number of transactions happening.
Eth2 might be the perfect solution to create a fully decentralized blockchain; although, it will take some time to roll out fully. Most of the transactions taking place on the Ether network are seemingly involved with DeFi. Safe to say, the ETH network is used more than the crypto itself. Ethereum 2.0 is primed to lower the gas fees to make trading ETH significantly less costly.