Ethereum 2.0 on Track as Staked ETH Nears $4 Billion

News / 21.01.2021

In an extensive blog post entitled “The State of Eth2”, lead developer Danny Ryan published an update on progress in the Beacon Chain and upcoming developments for 2021.

Ryan added that the individual Ethereum designations indicate “false sequentiality” in leaving one for the other. Instead, the term represents the different stack levels, he adds.

Ethereum 2.0 is Picking Up

The figures are attractive to most people, and the numbers are steadily increasing. As it goes to write, $2.78 million ETH is stored in the Beacon Chains Smart Contract under Launchpad ETH 2.0. At a current price of $ 1,300, that’s $ 3.6 billion, and at an all-time high, that’s just over $ 4 billion.

Dashboard reports an annual return of 9.4% for those pledging ETH and locks in their assets for at least another year.

The most famous depositors, according to Etherscan, are Kraken with 14.4%, followed by Binance with 10.7%. The central exchange makes it easier for ordinary people who don’t want to manage their hardware to participate in Ethereum’s future. Data from Dune Analytics shows that ETH now depends more on individuals than individual whale addresses or institutions.

Besides, according to Beaconchain, more than 66,500 validators are actively participating in the network, of which 19,000 are awaiting a decision. In his latest update, developer Ben Edgington said that only four validators had been disconnected in the last two weeks (have been taken from the Internet due to malicious behavior or incorrect configuration).

When Will ETH 2.0 Scale?

Phase 1, in which Eth 2.0 will introduce side chain scaling, is expected in late 2021 or early next year. Ryan admits that it is evident that Ethereum L1 will not provide the bandwidth needed at this time to meet the global demand for distributed applications.

He also said that the first improvements to the Beacon Chain are actively discussed. Some of the proposed changes are improvements to the Validator Incentive while others introduce new features to the network: B. Customer support for natural light.

More projects are going into Eth 2.0. Lido sits on the funniest spot on Ethereum, paving the way for Eth 2.0 on DeFi. It gives people a new opportunity to contribute with ETH to rely on Ethereum’s new beacon chain but keeps their ETH value open. It is one of those somewhat stressful stories, for the most part, the only type of scenario on DeFi. It’s working now.

Kraken has released a similar product, and Coinbase plans to do so, but they lack an element of distributed trust.

avatar
Kyle is a tech lover and a huge fan of Satoshi. He has a passion for cryptocurrency and the splendid technology behind it all - the blockchain. He could sound gullible, but he believes bitcoin will hit 100k before the next halving.