Now there is 2M Ethereum locked up in the early stage of Ethereum’s network upgrade, ETH 2.0.
As of now, over 2M ETH is locked in the ETH 2.0 staking contract. Ethereum’s current price is $612, worth $1.2B worth of ETH.
This also means that the vestibule of staked ETH needed to kick ETH 2.0 into action had been surpassed by a touch over 380%. It took around 45,000 transactions to reach this point.
The upgrade promises to make the ETH network quicker and cheaper to use. Recently, Ethereum suffered from a big snag, pumping the price of ETH’s fees; last September 2, the network was so clogged up that a single Ethereum transaction cost an average of $14.5.
People send ETH to the ETH2.0 staking contract for Etherem will pay out money to take for processing transactions whenever the network launches. Staking replaces ETH’s former proof-of-work model, where miners have expended computational processing power to confirm transactions.
ETH 2.0 has been launched early this month, but it is just the first step in a multi-year process.
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