There's Now 2 Million ETH Locked Up in Ethereum 2.0

About three weeks after the launch of ETH 2.0's 'beacon chain', stakers have locked up 2 million ETH.

By Decrypt Staff

Dec 23, 2020

1 min read

Ethereum is the second largest cryptocurrency by market cap. Image: Shutterstock

There is now 2 million Ethereum locked up in the first stage of Ethereum’s network upgrade, Ethereum 2.0.

As of this writing, just over 2 million ETH is locked up in the Ethereum 2.0 staking contract. At Ethereum’s current price, $612, this is worth $1.2 billion worth of Ethereum.

This also means that the threshold of staked ETH necessary to kick Ethereum 2.0 into action has been surpassed by a touch over 380%, according to Dune Analytics. It took about 45,000 transactions to get to this point.

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The Ethereum 2.0 network upgrade promises to make the Ethereum network, quicker and cheaper to use. Currently, Ethereum suffers from huge bottlenecks, pumping the price of Ethereum's fees; on September 2, the network was so clogged up that a single Ethereum transaction cost an average of $14.5.

People send ETH to the ETH2.0 staking contract because Ethereum will pay out money to stakers for processing transactions when the network launches. Staking replaces Ethereum's old proof-of-work model, where miners expended computational processing power to confirm transactions.

ETH2.0 launched earlier this month, although it's just the first step in a multi-year process.

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