The Total Amount Of Ethereum Staked In ETH 2.0 Deposit Contract Hit All-Time High
According to Ali, a crypto researcher who relied on Glassnode data, roughly 150,000 ETH, worth about $195 million, has been transferred to the ETH 2.0 deposit contract in the last week. The total amount of Ethereum staked has also reached a new high of 13.9 million ETH.
Prior to the Merge update, the number of addresses for the ETH 2.0 deposit contracts had reached 13,343,768. The stake rate grew as well, with 153,000 fresh ETHs staked in the month preceding The Merge.
The Merge occurred on September 15, 2022, marking Ethereum’s historic transition from proof of work to proof of stake, as well as its official abandonment of the resource-intensive, miner-based technique it had previously used to make changes to its decentralized ledger.
Ethereum holders can stake their currencies using the Beacon chain’s deposit contract. Staking incentives and staked ETH, on the other hand, remain locked and cannot be withdrawn. Staked ETH, existing staking rewards, and freshly minted ETH immediately following The Merge will all be locked on the Beacon chain and cannot be withdrawn.
Withdrawals are instead scheduled for the Shanghai update, which will be the next substantial improvement after The Merge. Following The Merge, newly created ETH will be frozen and illiquid for at least 6 to 12 months, but it will continue to accrue on the Beacon chain.
This may be one of the reasons for the amount of ETH staked in the ETH 2.0 deposit contract reaching ATH. At the time of writing, ETH is trading at $1326.
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