According to recent data, the total amount of Ether (ETH) locked in the Ethereum 2.0 deposit agreement is quickly approaching the nine million mark. This means that more than 7% of the total ETH supply is currently invested in the ETH 2.0 contract.
Ether staked in ETH 2.0 exceeds 8.8 million
Recent data from Glassnode revealed that the blocked amount reached an all-time high of 8,875,394 ETH, worth over $ 33.7 billion at current market prices. This figure represents a 70% increase since June of last year and more than 1,500% from the original target of 524,000 ETH needed for Phase 0.
View metric: https://t.co/SzbMPqdFWB pic.twitter.com/oE1Wkv7emL
– glassnode alerts (@glassnodealerts) January 3, 2022
The total number of unique applicants has also more than doubled in the past six months, from 27,132 in June to 59,867 at the time of writing. More validators have also joined the network, rising from 152,000 validators in June to 276,197 validators today despite the current annual return of just 5%.
Investors are bullish on ETH 2.0
The growing number of unique depositors, validators, and the 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. This is evident, as deposits and rewards can only be withdrawn after the launch of Phase 1.5 of the Network Upgrade.
An August report also noted that whales were also blocking their ether, with more than 95,000 ETH staked in a single day.
Meanwhile, while users remain optimistic, Ethereum developers are working tirelessly to make ETH 2.0 a reality. With phase 0 already completed at the end of 2020, the Altair upgrade on the beacon chain was successfully deployed in October 2021.
Although a recent report revealed that the upcoming transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) could expose the Ethereum network to potential attacks, one developer claims otherwise. He reassured the community that the merger will be safe while also outlining a possible solution ahead of the event, which is expected to take place in Q1 or Q2 2022.
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