Staking on ETH2.0 Deposit Contract Hits 700K Making Ethereum One of the Largest POS Chains
Ethereum 2.0’s deposit contract address has passed the threshold of 524,288 Ether (ETH) that was required for the launch of the beacon chain of the Ethereum 2.0 upgrade. The staking on the smart contract has even surpassed the required threshold and has reached 700,000 ETH. This has helped the Ethereum blockchain network to enter into the list of the largest Proof-of-Stake (POS) chains. The network has registered this achievement a few days before the launch of the chain.
Ethereum is now the Sixth-biggest PoS Chain by assets staked
As per data provided by Staking Rewards, the Ethereum blockchain network has become the sixth-largest Proof-of-Stake (PoS) network by the number of assets staked. Approximately $412 million worth of ETH has been deposited so far by validators to the deposit contract of the Ethereum 2.0 upgrade.
Cooper Turley, the industry insider said that the number of validators or depositors of Ethereum 2.0 is more than that of various major blockchain networks including the Cosmos blockchain and the Tezos blockchain. Adding more to it, he said:
“With more than 50% of the staked balance deposited in the last 48 hours, this milestone marks a major vote of confidence in Ethereum’s most grueling upgrade to date taking place over the course of at least four phases in what is expected to last at least two years.”
Ethereum 2.0’s Beacon Chain now set to launch on Dec 1
As the threshold of 524,288 Ether (ETH) that was required for initiating the launch of the Ethereum 2.0 upgrade’s beacon chain, the Ethereum Foundation is now ready to roll out this first phase on the 1st of December.
In this upgrade, the network will shift from the Proof-of-Work (POW) algorithm to the Proof-of-Stake (POS) algorithm. This upgrade will bring scalability and speed to the Ethereum network.