Ethereum has reached new milestone related to TVL in ETH 2.0 deposit contract
Glassnode has reported that the amount of total value locked (TVL) in the Ethereum 2.0 deposit contract has increased to a new all-time high.
TVL in Ethereum 2.0 reaches new peak
As the time of the switch to Ethereum 2.0 and proof-of-stake is drawing closer, more people are deciding to invest in ETH 2.0.
At present, the record number of funds locked in the ETH 2.0 deposit contract has reached 12,718,148 Ether. This equals $25,017,868,930.
Earlier, U.Today reported that the switch (also known as “the Merge”) to Ethereum 2.0 is expected in August.
The main improvement this event is expected to bring to the ecosystem is that Ethereum will change the proof-of-work algorithm it currently uses to proof-of-stake. The latter consumes 99% less energy, which would make it much greener than cryptos that run on PoW, like Bitcoin, Litecoin, and DOGE.
Investors keep increasing the supply of Ethereum locked in the deposit contract in order to later receive profits from staking.
On April 10, according to the Glassnode chart, the amount of Ethereum locked in the contract was 11,347,810 coins. Over a million ETH have been added since then.
Ethereum back above $1,900
At the moment, Ethereum is recovering some of its recent losses as it has risen back to the $1,970 level. Recently, the collapse of Terra’s Luna and its algorithmic stablecoin, UST, pushed Bitcoin, Ethereum and the whole crypto market into a pit of red.
To cover their losses from LUNA and Terra dropping below zero, traders and investors started selling BTC, ETH, and other cryptos. Bitcoin price fell below $30,000 and Ethereum fell below $1,900.
At the time of this writing, BTC has recovered to the $31,570 zone and Ethereum is changing hands slightly under $2,000.
