The total value locked up in Ethereum 2.0 reaches $30 billion
Image Source: Bitcoinist

The total value locked up in Ethereum 2.0 reaches $30 billion

The year 2022 has finally arrived, the year when Ethereum 2.0 will finally be released. Ethereum developers are undoubtedly working feverishly to meet this deadline, but it is impossible to know whether the space will finally transition to ETH 2.0 this year. However, the network has already passed a number of significant milestones in the run-up to the big “Merge,” and it has recently passed another. The total value locked up in Ethereum 2.0 reaches $30 billion.

The Stake in Ethereum Has Reached $30 Billion

The total value locked up in Ethereum 2.0 reaches $30 billion
Image Source: Bitcoinist

Since the upgrade was first announced, the quantity of Ethereum staked ahead of 2.0 has steadily increased. To become a node validator, you’ll need 32 ETH, although individuals who don’t have that much can stake using staking pools offered by cryptocurrency exchanges. As a result, the number of validator nodes operating on the Ethereum network has skyrocketed.

The Ethereum community celebrated 6.6 million ETH staked on the network in July of last year, accounting for nearly 5% of the total ETH supply staked. In less than six months, this figure has increased by roughly 50%, with 9 million ETH currently staked ahead of Ethereum 2.0. The ETH 2.0 contract address now has a total of 9,015,586 ETH staked, and the figure is growing by the day.

For the first time, the value of ETH locked on the network has topped $30 billion, marking a huge milestone for the digital asset. The network’s total number of validator nodes has already topped 222k, and it continues to expand as new nodes are added.

The Struggle for ETH 2.0

The network would switch to a proof of stake method from the energy-intensive and computationally expensive proof of work mechanism in Ethereum 2.0. This would minimize the network’s energy consumption as well as the computational power needed to confirm transactions, making it a more environmentally friendly and efficient network.

The network is getting close to the finish line. However, there are a few more hoops to clear. Ethereum 2.0 has seen significant setbacks and delays, as is to be expected with any technological advancement, and there may be even more delays in the future.

Ethereum developers just released the Kintsugi testnet, a public testnet that allows people to experience what it’s like to use the new Ethereum network. EIP-4345, dubbed Arrow Glacier, was also issued, delaying the Difficulty Bomb until June 2022. Both of these initiatives, as well as others scheduled in the following months, will aid in the network’s preparation for the shift to proof of stake and ensure a seamless transition for everyone.

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