ETH 2.0 contracts breach the 9 Million lock in mark, worth $28 Billion

• The ETH 2.0 contracts have gained more than 9 million Ethereum in locked in deposits worth $28 Billion
•  The contract has reportedly increased by 22.29% 
•  Major investors shift to ETH 2.0 amid energy concerns surrounding proof of work methods. 

While major cryptocurrencies are still slowly recovering from the harsh red markets witnessed in Dec, the staking platforms too are seeing a surge in their liquidation pools as major users opt to stake their coins. Ethereum’s 2.0 contracts recently breached the 9million mark, symbolically representing investors keen interest to stake their coins. 

According to data from Etherscan.io, on Jan 17 Eth 2.0 contracts have locked in 9,057,890 ETH worth more than $28 billion. The data portrays ETH 2.0 breaching the 9 million mark on Jan 16. 

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When the data was released the last time, ETH 2.0 had 7.4 million tokens locked into the contract as of Sep 2021. However, with the recent numbers railing in, the contracts have surged by 22.29% in a span of approximately 4 months. 

The process of staking involves verifying the transactions carried out by blockchains. It includes locking of tokens (staking) to support the network & confirm the authentication of the transactions through the tokens that have been stacked. A user earns a certain percent of the crypto stacked every set duration of time. 

While the traditional Ethereum’s blockchain network has witnessed phenomenal increases in the hashrate while reaching about 1 petahash (PH/S) in 2022. Tech savvy Investors are keen on shifting ETH 2.0 as it is used to transfer funds from Ethereum mainnet to a blockchain like Beacon, that uses proof of stake technology to verify the tokens for Ethereum, where the contracts are brought into use.     

In the ETH 2.0, to stake coins and become a validator, a user needs to at least lock 32 ETH in order to join the stake pool. During the initial phases of ETH 2.0, it was reported that the co-founder of Ethereum’s blockchain, Vitalik Buterin contributed his own ETH to the stake pool of ETH 2.0. 

However, in addition to the latest figures, it is also reported that during the process of authenticating and since the implementation of EIP-1559, more than 1.5 million Ether have been burned during the process worth $5.8 billion. The move made the existing tokens costlier with currently, at the time of writing, Ethereum in total is valued at $33.8 billion.