ETH 2.0 Deposit Contract Tops 13 Million ETH Tokens
According to data provided by cryptocurrency analytics firm Glassnode, more than 13 million ether (ETH) have now been locked on Ethereum’s Eth 2.0 staking contract.
This comes just four months after the contract was passed in early May.
Eth 2.0 staking was launched back in November 2020 after a successful consensus vote.
Lido, a non-custodial liquid staking protocol for Ethereum, Solana and other chains, accounts for the largest share of staking ETH (31.8%).
Meanwhile, Ethereum moves even closer to the upcoming transition by testing the merge on the Sepulia testnet.
Those deposits represent 10.9% of the total circulating supply.
Now, the network will undergo another testnet launch before the much-anticipated launch event. As the Beacon chain merges with the main chain, Ethereum will convert to Proof-of-Stake.
Ethereum was supposed to switch to a proof-of-stake consensus algorithm years ago, but the process has been delayed several times.
The merger is now widely expected to happen later this year.
As U.Today reports, Vitalik Buterin predicted that Ethereum could move to a proof-of-stake consensus algorithm in August, but now it appears that the high-stakes upgrade has been delayed until at least September Is.
The upgrade is expected to dramatically reduce the energy consumption of Ethereum. However, there are also those who claim that proof-of-stake is much less secure than proof-of-work.