Total Value Locked in ETH 2.0 Deposit Contract Just Hit New Highs: Details
Recent data from Glassnode indicates that the amount locked just marked the fresh ATH of 9,213,714 ETH, worth over $23.9 billion at the current exchange rate. This means that nearly 8% of the total ETH supply of 119,318,828 is currently staked in the ETH 2.0 contract.
The growing number of unique depositors, validators, and ETH balance on the Ethereum 2.0 deposit contract is an indicator that investors and the Ethereum community are bullish on the native token for the long term.
The growing number of unique depositors, validators, and ETH balances on the Ethereum 2.0 deposit contract indicates that investors and the Ethereum community have long-term bullish expectations of ETH.
According to Saniment data, Ethereum whales decided to buy the plunge by grabbing nearly $497.2 million worth of ETH. According to the on-chain analytics firm, ETH whale addresses holding 10,000 coins or more have added 200,000 ETH from weak hands since Jan. 20 to mark the biggest accumulation in two months.
Ethereum reaches another milestone in addresses amid recent rebrand
Glassnode reports that the Number of Addresses Holding more than one ETH just rose to a fresh ATH of 1,407,532. The previous high of 1,407,198 was observed on Jan. 21. This might suggest a spike in retail interest.
The Ethereum Foundation pointed out in a recent blog post that Eth2’s mark does not represent what is happening to the network during its series of upgrades. It further indicates that “ETH2” and the nomenclature that seems to distinguish the proof-of-stake chain from the proof-of-work chain may soon be removed.
The foundation stated several reasons for the shift, including a poor mental model for new users, scam prevention, inclusion and stake clarity. The long-awaited switch of Ethereum from a proof-of-work mining model to a proof-of-stake consensus mechanism is scheduled to happen in either the second or third quarter of this year.