Ethereum 2.0 Validators eclipse 60,000: $2.8B Staked in Deposit Contract

News / 14.01.2021

Ethereum 2.0 continues to gain momentum with new developments on its smart contract network. Just six weeks after its beacon chain was launched, the number of validators has already exceeded 60,000.

According to the analytical platform Beacon Chain, the total number of validators on the Ethereum 2.0 smart contract is 60,189. An additional 16,156 potential validators are waiting in the queue to be approved by the smart contract. This is remarkable and means that the beacon chain network launched on December 1st is the most secured smart contract network.

When compared with rival blockchain, Ethereum is ahead by a wide margin.  According to data from Coin98 analytics, the leading smart contract has more validators than the top 10 smart contracts combined. Polkadot, viewed by many as a potential rival, has just 288 validators, while the popular Tezos has 496 validators. Algorand and Cosmos have 270 and 155 validators, respectively, while EOS has only 21 validators.

Cardano was conspicuously missing from the list but had 1,453 active validators, according to Staking rewards. This further proves that Ethereum remains poised to hold its position as the largest smart contract network for the foreseeable future.

Ethereum 2.0 Staking Contract Continues to grow.

Ethereum smart deposit contract has continued to receive more deposits despite hitting the minimum mark to launch.  According to data from the Launchpad dashboard, the amount of ETH currently staked in the deposit contract is 2.46 million. This represents 2.16% of the total supply of ETH and is valued at $2,8 billion.

The smart contract’s continued deposit is remarkable since the staked ETH is effectively locked away for at least a year. It will only be released when phase 1.5 of the serenity upgrade merges the ETH 1.0 chain with ETH 2.0.  Nevertheless, the lure of high annual yields has continued to attract investors to stake their money in the smart contract. Stakers earn a 10% annual yield, which has increased in value in recent weeks due to the bull run.

Ether Hovers above $1,100

Ether (ETH) ‘s price has rebounded in the past 24 hours and is currently trading for $1,160. This represents an increase of 7% during this period, according to data from CoinMarketCap.

The leading altcoin has experienced a major resistance as it looks to surpass its all-time price of $1,432. At the moment, its price movements have mirrored that of Bitcoin, which is also rebounding from recent dips in value. At the moment, analysts are positive that Ethereum could make a significant break in price in the coming days.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.