The ETH 2.0 deposit contract has topped 13 million ETH tokens
Over 13 million Ether (ETH) has now been locked on Ethereum’s Eth 2.0 staking contract, according to data provided by cryptocurrency analytics firm Glassnode.
This comes just four months after the staking contract surpassed in early May.
Eth 2.0 staking was launched in November 2020 after a successful consensus vote.
Lido, a non-custodial liquid staking protocol for Ethereum, Solana, and other chains, accounts for the biggest share of staked ETH (31.8%).
In the meantime, Ethereum got even closer to the upcoming transition by testing the merger on the Sepolia testnet.
Those deposits represent 10.9% of the total circulating supply.
Now the network has to go through another testnet launch before the long-awaited launch event. Ethereum will transition to proof-of-stake as soon as the Beacon chain merges with the main chain.
Ethereum was supposed to switch to the proof-of-stake consensus algorithm years ago, but the process has suffered from multiple delays.
The merger is now expected to take place later this year.
As reported by U.Today, Vitalik Buterin predicted that Ethereum could move to the proof-of-stake consensus algorithm in August, but it now seems like the high-stakes upgrade has been delayed to at least September.
The upgrade is expected to significantly reduce Ethereum’s power consumption. However, there are also those who claim that proof-of-stake is much less secure than proof-of-work.
