Ethereum reaches milestone, over 9M ether deposited in 2.0

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jan 12, 2022
  • Capital is aimed at gaining more exposure to ether and securing the proof-of-stake network
  • The 9 million staked ether represents 280,000 active validators building blocks
  • Decentralized staking providers tend to align with Ethereum health

More than 9 million ether (ETH/USD) has been deposited in the Ethereum 2.0 deposit contract, equivalent to nearly $30 billion in capital at today’s exchange rate. This capital is aimed at gaining more exposure to ether and securing the proof-of-stake network, CoinDesk reported in its newsletter Valid Points.

280K active validators

The amount of 9 million staked ether represents 280,000 active validators building blocks, providing security, and ensuring network health. The figure grows at around 1% each week.

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On Tuesday, January 11, Coinbase entered the list according to Nansen data. The top four now account for just under 50% of the staking contract, with Lido, a decentralized alternative to staking pools, making a significant jump.

Decentralized staking providers align with Ethereum health

Lido, RocketPool and other decentralized staking providers tend to align with Ethereum health, letting the respective protocols select a number of node operators that run different clients and diversify concentration risk.

External funding helps miners align with crypto ecosystem

Hive Blockchain, the mining giant, announced it held all of the bitcoin (BTC/USD) and most of the ether it mined last year. Major mining organizations are receiving further external capital, which does away with the need to cover expenses and ongoing operations. External funding helps miners better align with the crypto ecosystem.

Kintsugi faces chain split

Kintsugi, Ethereum’s new proof-of-stake test network, faced a chain split on Friday. Client-related issues resulted in creating bad blocks and a three-way chain split. The error in Kintsugi draws attention to the need for test networks.

On-chain users flocking to Fantom

On-chain users are flocking to Fantom (FTM/USD) as Andre Cronje and Daniele Sestagalli plan the upcoming release of a new DEX. They are working on a new project on Fantom, a decentralized exchange optimized for protocol usage. The so-called ve(3,3) protocol will implement tokenomics sourced from Olympus DAO and Curve (CRV/USD).

18K+ ETH burnt in 24 hours

Over 18,000 ether were burnt through transaction fees in 24 hours between Sunday and Monday. The most likely reason was OpenSea volume reaching new highs as crypto prices declined.

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