Over 6.7 M Ethers Worth $21 B Now Staked in Ethereum 2.0

by in Cryptocurrency News

Ethereum 2.0 staking

Data show that now there are 6.73 million Ethers worth about $21.2 B staked in Ethereum 2.0 contract.

Related: Ether is more popular than BTC among Singaporean investors

The tokens will remain locked up until the network's major update is completed. With Ethereum 2.0, the current Proof-of-Work blockchain merges with the Proof-of-Stake chain. The switch is supposed to take place in early 2022.

On August 5, Ethereum Improvement Proposal (EIP) 1559 was launched changing the way transaction fees are calculated. Now users must bid an amount they're ready to pay the miner for picking their transaction.

Some percentage of each transaction fee is burned, meaning pulled out of circulation. Since the launch, over 55.200 Ethers, worth $176.3 B were burned. After EIP 1559 launched, Ethereum on-chain capacity has increased by 9%. The network's co-founder Vitalik Buterin announced the update prepares the ground for a 99% energy usage cut.

Currently, the largest bitcoin trades at over $3.180 with its market cap of $372.9 B. Ether's market dominance index is 18.66%.