Over 3 M Eth Deposited in the Eth 2.0 Contract

by in DeFi News

Ethereum 2.0 3 million Ether

Presently, there is over 3 million ether valued at around $5.3 B in the Ethereum 2.0 staking contract.

Related: BTC Price Surged $48.000 After Tesla's Purchase

The interest in the contract is rather high. The number of people staking Ethereum blockchain's native token has been growing. Two months ago the number of deposited tokens was only 1 million.

The goal of Ethereum 2.0 is to switch from the Proof of Work mechanism to the Proof of Stake. The aim is to build a distributed consensus. To be a validator of the network, users need to stake their ETH. The changes will bring many benefits like lower hardware costs and shard chains.

Every user is allowed to stake Ether to get rewards of about 23%. Depositors will be able to withdraw their rewards only when Phase 1.5 of Eth2 goes live - planned for 2022.