The Ethereum 2.0 network now holds more than $1 billion worth of Ether (ETH) since its launch earlier this month
Data from Etherscan shows that the total amount of ETH locked in Ethereum 2.0 has surpassed $1 billion. This milestone was reached just three weeks after the staking service launched on the Ethereum 2.0 network.
According to Etherscan, approximately $1,033,261,422.14 worth of ETH is currently staked in Ethereum 2.0. At the time of publication, the second-largest cryptocurrency was trading at $647 per ETH.
Ethereum is currently the world’s largest smart contract platform. Network developers have been working for years to transition the blockchain from a Proof of Work (PoW) consensus to Proof of Stake (PoS).
The upgrade went live earlier this month with the activation of the Beacon Chain. Beacon Chain is the first development phase of Ethereum 2.0 and functions as a separate PoS blockchain.
According to Beaconcha.in, Ethereum 2.0 is intended to serve as a generalized blockchain for decentralized applications (dApps). The blockchain will support a wide range of applications, including government bonds, mobile games and numerous financial market assets.
On the Beacon Chain, investors who hold at least 32 ETH can earn an annual reward that functions like interest. Staking on the Ethereum network is growing in popularity, with major cryptocurrency exchanges such as Coinbase and Kraken launching Ethereum 2.0 staking services for their users.
The rise in staked ETH coincides with a decline in the amount of cryptocurrency held in exchange wallets. Data from blockchain analytics firm CryptoQuant shows that the total ETH held in wallets across exchanges has been decreasing since June.
The Graph is now live on Ethereum
Ethereum 2.0 development continues with the activation of The Graph. The blockchain analytics platform launched a testnet and a centralized mainnet yesterday after three years of development.
The Graph intends to provide blockchain projects with usable decentralized indexes and an API feed via its network and native token, GRT. The project aims to become a key infrastructure layer for Web 3.0.
Serving as a middle layer between dApps and multiple blockchains, The Graph enables smoother communication across networks. Several leading decentralized finance (DeFi) projects, including Uniswap, Synthetix and Balancer, are already using hosted versions of The Graph.
These developments could help push Ether’s price higher, and some analysts expect the second-largest cryptocurrency to trade above $1,000 in the near future.