More Than 1 Million Eth Locked up in ETH2

by in Blockchain News

1 million ETH received for ETh2.0

After 4 days the beacon chain has launched, Eth2.0 keeps attracting deposits.

Related: Ethereum Price Keeps Growing due to ETH 2.0 Launch

The contract has received over 1 million ETH worth above $605 M. The stakers will get rewards in the future when staked amounts will be available for withdrawals. The closing day of the contract isn't defined yet. Rewards for early stakers are high, about 20% yearly. They will fall as more validators join the network. Anyone can become a validator by depositing a minimum of 32 ETH through the staking contract.

The staked ETH is part of Ethereum’s multistage move from its present proof-of-work design to a proof-of-stake protocol. This will help Ethereum to become a faster, low cost, and more scalable blockchain.

Even though there were some difficulties at the beginning, the long-awaited Eth2.0 was successfully launched on December 1 overpassing deposits over the minimum required 524,000 ETH. In the first week, there was collected only y 50,000 ETH, 3000 of which came from Ethereum's founder Vitalik Buterin.

However, the community along with large token holders and crypto funds managed to achieve the required sum. Today the staked funds are 116% higher than the network needed.