Ethereum 2.0 will shake up the cryptosphere – $5.5 billion at stake, and that’s just the beginning!

Ethereum 2.0 will shake up the cryptosphere - $5.5 billion at stake, and that's just the beginning!

Ethereum 2.0 solidifies at a glance – The deployment of the Ethereum 2.0 network continues. A little more than 3 months after its launch, the deposit contract continues to see an influx of funds from new validators.

ETH 3 million in the deposit contract

ETH 3 million in the deposit contract

The first phase (or phase 0) of the launch of Ethereum 2.0 was initiated at the beginning of November with the deployment of the deposit contract. Some 20 days later, the network had collected the ETH 524,288 needed to launch the chain.

Since then, the number of ethers deposited under the deposit contract has continued to increase. In total, it contains no less than 3.097 million ETH, with a total value of 5.59 billion dollars.

With currently 114.6 million ETHs in circulation, the deposits made on the deposit contract represent 2.67% of all ETH tokens in circulation.

Ethereum 2.0: the salvation update?

Ethereum 2.0: the salvation update?

As you already know, Ethereum is currently experiencing unprecedented congestion problems. Indeed, demand on the network has increased so much that average transaction fees have reached a record high of $24.

Unfortunately, while the Ethereum 2.0 update is intended to address these issues, it will not be fully deployed for several years.

In the meantime, the Ethereum network will have to rely on second layer solutions, such as Optimism, to address these scalability concerns. The Ethereum revolution is underway, and we are not at the end of our surprises!

Ethereum 2.0 will shake up the cryptosphere – $5.5 billion at stake, and that’s just the beginning!
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