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October 5, 2022
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$34 billion of Ethereum locked in ETH 2.0 deposit

Locked balance on Ethereum 2.0 deposit contract hit a new high of 8.8 million ETH, worth over $33 million

According to recent data, the total amount of ETH locked in the Ethereum 2.0 deposit contract is fast approaching the nine million mark. This means that over 7% of the total ETH supply is currently staked on the ETH 2.0 contract.

Recent data from Glassnode revealed that the locked amount reached an all-time high of 8,875,394 ETH, worth over $33.7 billion at current market prices. The number represents a 70% increase since June last year and more than 1,500% from the initial target of 524,000 ETH required for phase 0.

The total number of unique depositors has also more than doubled in the last six months, jumping from 27,132 in June to 59,867 at the time of writing. More validators have also joined the network, with the number rising from 152,000 validators in June to 276,197 validators today, despite current annual throughput being only 5%.

Investors on the rise in ETH 2.0

The growing number of unique depositors, validators and the ETH balance in the Ethereum 2.0 deposit agreement is an indicator that investors and the Ethereum community are optimistic about the native token in the long term. This is evident as both deposits and rewards can only be withdrawn after phase 1.5 of the network update goes live.

An August report also noted that whales are also blocking their ether, with over 95,000 ETH trapped in a single day.

Possible vulnerabilities

Meanwhile, as users remain optimistic, Ethereum developers are working nonstop to make ETH 2.0 a reality. With phase 0 already completed in late 2020, the update on the Beacon chain was successfully deployed in October 2021.

While 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 assured the community that the merger will be safe, while also describing a possible solution ahead of the event, which is expected to take place in Q1 or 2 of 2022.

Source: CryptoPotato

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