Bhutan Government Stakes 320 ETH on Ethereum 2.0 via Figment

On November 27, PANews reported that Bhutan’s government has staked 320 ETH, valued at approximately $970,000, on the Ethereum 2.0 network via Figment.

This move underscores growing institutional interest in Ethereum staking, potentially reinforcing Ethereum’s network security and impacting its market dynamics through increased staking participation.

Key Developments, Impact, and Reactions

Institutional stake impacts the total ETH supply by locking up liquidity, potentially influencing reward performance and price stability. Bhutan’s move signals increased confidence in Ethereum’s proof-of-stake ecosystem, underscoring the network’s robustness and security prospects.

Bhutan’s blockchain initiative has garnered interest, yet direct comments from government sources remain unavailable. Ethereum community endorsements have previously highlighted Bhutan’s digital identity endeavors, according to social media trackers.

Did you know? Bhutan’s blockchain involvement peaked earlier when it adopted Ethereum for a national digital identity project, earning praise from industry leaders.

Vitalik Buterin, Co-founder of Ethereum, remarked, “Bhutan’s blockchain initiatives in identity anchoring are pioneering for national-level digital identity.” – Source

Ethereum Staking’s Influence on Market and National Projects

Did you know? Bhutan’s blockchain involvement peaked earlier when it adopted Ethereum for a national digital identity project, earning praise from industry leaders.

CoinMarketCap data shows Ethereum (ETH) priced at $3,031.42 with a market cap of $365.88 billion, holding a dominance of 11.74%. The 24-hour trading volume decreased by 1.34% to $21.70 billion. Notably, ETH’s price increased by 4.06% in the last 24 hours but dropped 30.14% over the last 90 days.

Insights from Coincu research suggest Bhutan’s involvement could enhance financial security and regulatory confidence in Ethereum’s staking model. Such steps might drive further technological advancements within both Ethereum’s ecosystem and Bhutan’s digital infrastructure.