In brief

  • The total amount of Ethereum locked up in Ethereum 2.0 is now worth about $1 billion.
  • The value has increased by over 3,500% in a little over a month.
  • The threshold for the Ethereum 2.0 upgrade has also been surpassed by about 290%

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There is now $1 billion worth of Ethereum locked up in the first step of Ethereum’s mass network upgrade: Ethereum 2.0.

There is a total of 1.526,053 ETH in the Ethereum 2.0 deposit. By Ethereum’s current price of $660, this equates to more than $1 billion worth of Ethereum. 

The threshold of 524,288 ETH has been surpassed by 290%, according to Dune Analytics. This has been achieved by a combined effort of 34,709 total transactions to date.

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The Ethereum 2.0 network upgrade promises to make several major improvements to the Ethereum network, including solving Ethereum’s long standing scalability issues. 

“Ethereum, the second largest blockchain has moved to a new consensus mechanism: proof of stake. The locked up funds signify the investor and community appetite for the new model and will lead the future consensus models in upcoming designs,” Charles Storry, co-founder of PhutureDAO, told Decrypt. 

The total amount of ETH sent to Ethereum 2.0 saw its biggest spike between November 23 and November 24, where the total increased by 145% from 285,888 ETH to 702,848 ETH. 

Since November 24, there has been a 117% increase across three weeks, leading to today’s total of 1,526,053. But it’s not all to do with an increasing number of deposits. The rocketing Ethereum price has played a big part.

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