ETH 2.0 gets popular as more people stake on the protocol, and the total locked value nears almost $30 billion. As of now, 7.4 million Ethereum coins are locked in various staking pools that show support for the new network change. Staking also helps users generate rewards which make it a really popular choice. It will be interesting to see how long does Ethereum take to push the ETH 2.0 upgrade and move towards a complete proof of stake consensus.
More Ethereum is getting staked.
Ethereum now works on a proof of work+stake consensus as to the migration of the network continues. The ultimate goal is to move towards staking completely as it is more scalable and environmentally friendly. This is why ETH 2.0 is already available on major exchanges, and people have the option to stake on the protocol. As time passes, more and more hodlers are staking their coins on the network. This started with the $1.4 million in Ethereum that Vitalik staked in the phase 0 smart contract.
Do note that in order to become a validator in the ETH network, you would need 32 ETH tokens which means the deposits happening here are huge. But yes, there are options to deposit through liquidity pools that offer smaller staking options for those who can’t afford 32 ETH coins. So, retailers can participate in the staking as well if they want.
In fact, a lot of people are really interested in the same and are participating. There are 1,361,463 Ethereum coins locked up in various staking pools, and this amounts to nearly $5.35 billion, which is more than 15% of the total value locked. Considering that such a huge amount of Ethereum is locked in the network and the EIP1159 upgrade is burning a lot of tokens continuously, we can expect huge price jumps in the near future.
ETH is a good buy
Even though the price of the token is almost at its ATH, it is still a safe and good buy due to the future upgrades that are in line. We already have seen the EIP1559 and the wonders it’s doing; just think about the growth we will see when we move to complete proof of stake consensus.
What are your thoughts on the price action of ETH as the 2.0 version gets popular? And have you staked in the protocol? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.