Altcoins, Cryptocurrency, Ethereum (ETH), News

$3.8 Billion Worth Of Ether Is Now Held On The Ethereum 2.0 Blockchain

It has only been a little over a month since the much-anticipated Ethereum 2.0 blockchain upgrade was launched at the beginning of the month of December, and the amount of Ether (ETH), the top-ranked altcoin, has surged exponentially on this blockchain network. Reportedly, Ethereum 2.0 has become the world’s third-largest blockchain staking network in terms of the total value staked on it.

As per a new report, an amount of 2.7 million ETH is now present on the ETH 2.0 blockchain. This amount is worth approximately $3.8 billion. Till the 18th of December, the amount of ETH staked on this blockchain was 1.7 million. This means that since that day, an increase of over 1 million ETH has occurred on the ETH2.0 blockchain network within the duration of just one month.

Ethereum 2.0 managed to overtake the Tezos blockchain and became the third-biggest blockchain staking network the previous month. This was a major achievement for the ETH 2.0 network as it is still in its beginning months. However, it is still falling behind the world’s two largest blockchain networks Polkadot and Cardano. Polkadot is on the top with over $10. 4 billion worth of DOT tokens locked on it. While on the other hand, Cardano is holding the second spot with $8.3 billion worth of ADA tokens locked on it.

Just two percent of the total circulating supply of Ethereum is reserved for the staking purpose on the ETH 2.0 blockchain. While on the other hand, Cardano’s 60 percent is for staking. Tezos has 90 percent of its entire circulating supply for staking.

According to some crypto analysts, the Ethereum 2.0 upgrade has proven a crucial factor that has played a crucial role in the recent price growth of ETH, apart from the amazing bullish rally of the world’s most popular digital currency, which is another bullish factor behind this. The world’s second-rank digital asset has almost retested its all-time high value as the price value of the coin hit the mark of $1430 on the 19th of January as per the data from the famous charting site Trading View.

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