The Ethereum 2.0 deposit contract already has a total of over $ 1 billion stacked. This means that users have blocked ETH 1.5 million for an indefinite period. Despite the recent bullish rally, the amount of money contributed to ETH 2.0 has accelerated in recent weeks.
Staking Ethereum 2.0
The launch following the fulfillment of the minimum requirement of 524,000 ETH in November marked the beginning of Phase 0. This phase is expected to mark the beginning of the gradual evolution of the Etereum blockchain, from its current Proof of Work (PoW) protocol to Proof of Stake (PoS) protocol.
The minimum amount of Ethereum you need to own to participate in staking is 32. To reduce this threshold, several exchanges have introduced new services. Kraken recently sent 100,000 ETH on behalf of its clients. Moreover, there are already over 30,000 active validators on the network. This is far better than any other result recorded for the test network in history.
The rewards for early depositors are relatively high, around 15% per annum. However, they will decrease as more validators join the network. Participants will not be able to withdraw their ETH until the current Ethereum main network is “connected” to this new blockchain. It may take several years. It is also important to remember that validators can be penalized in the event of a node interruption.
Some exchanges such as Coinbase have already set up the Eth2 staking option on their platform. However, such an alternative will also be at risk. In November, the outage of Amazon Web Services affected thousands of websites, including the US stock exchange. Such an event would also hurt Ethereum 2.0 node operators.
Nevertheless, rising deposits indicate that there is great confidence in the community that Ethereum 2.0 will be successfully implemented. Much depends on the success of the upgrade as Ethereum is struggling with rising transaction fees and with scalability.
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