Almost 6 million ETH involved in Ethereum 2.0
Ethereum 2.0 is approaching a major milestone in its short history – 6 million ethers (ETH) deployed. Ethereum Launchpad, the Ethereum 2.0 portal for its staking validators, showed around 5.9 million staked ethers and nearly 180,000 validators powering the blockchain on Wednesday.
Divided on average, this is slightly more than the minimum required stake (32 ETH) to activate the validator and become a validator on the network. With an ETH price of $ 2,265 at the time of writing, each person spent $ 72,480 to join as a network validator.
According to the Ethereum Foundation, validators are “responsible for storing data, processing transactions and adding new blocks to the blockchain”.
When Ethereum 2.0 went live in December 2020, the platform had to stake out at least 524,288 ETH before launch. Therefore, the number of Ethereum validators in six months is ten times higher than the minimum requirement decided by the platform last year.
ETH rebounded this week after recapturing $ 2,000 and has been above the critical support of $ 2,080 since Monday noon. Traders and investors are optimistic about Ether as they eagerly await the London hard fork scheduled for July.
At current prices, 5.9 million ETH worth around 13.36 billion US dollars, equivalent to the blocked money of almost 180,000 validators, was used to power the blockchain.
Validators who fail to adhere to network protocols, go offline, or do not perform validation risk losing their staked ethers. In contrast, validators, who help the network follow the rules and reach consensus while processing requests from users, receive rewards that are credited to them on the blockchain.
According to Cointelegraph