Ethereum 2.0 network now houses more than $1 billion worth of Ether (ETH) since it was launched earlier this month
Data from Etherscan shows that the total amount of ETH locked in Ethereum 2.0 is above $1 billion. This figure was reached barely three weeks after the staking service was launched on the Ethereum 2.0 network.
According to Etherscan, around $1,033,261,422.14 worth of ETH is currently staked in Ethereum 2.0. The second-largest cryptocurrency is trading at $647 at press time.
Ethereum is currently the world’s largest smart contract platform. The network developers have been working for the past few years to move the blockchain from a Proof of Work (PoW) to a Proof of Stake (PoS) protocol.
The upgrade went live earlier this month with the Beacon Chain activation. Beacon Chain is the first phase of development for Ethereum 2.0, and it serves as a separate PoS blockchain network.
According to Beaconcha.in, Ethereum 2.0 would serve as a generalised blockchain for decentralised apps (dApps). The blockchain would power various applications including government bonds, iPhone games and numerous other assets in the financial markets.
On the Beacon Chain, investors holding a minimum of 32 ETH can earn rewards as annualised interest on their holdings. Staking on the Ethereum network is becoming increasingly popular, with several crypto exchanges like Coinbase and Kraken launching Ethereum 2.0 staking services for their users.
The rise in staked ETH coincides with a decline in the cryptocurrency amount held on exchange wallets. Data from blockchain analytic firm CryptoQuant shows that the total ETH held in all exchanges’ wallets has been declining since June.
The Graph now live on Ethereum
The development of the Ethereum 2.0 continues with the activation of The Graph. Analytics blockchain platform “The Graph” went live yesterday after three years of work that included a testnet and a centralised mainnet.
The Graph intends to supply blockchain-based projects with usable decentralised indexes and API feed via its blockchain and native token GRT. The project wants to be a crucial infrastructural piece of Web 3.0.
The Graph will serve as a middle layer between dApps and various blockchains, allowing them to interact more fluidly. Currently, leading decentralised finance (DeFi) projects like Uniswap, Synthetix and Balancer are operating on a hosted version of The Graph.
These developments could help push Ether’s price higher, with analysts expecting the second-largest cryptocurrency to trade above $1,000 soon.