Ethereum 2.0 deposit or staking contract records the amount of ether (ETH) has exceeded 5 million!
The current record of 5.2 million ETHs is in the contract, bringing the total value to $ 13.7 billion!
At the time of writing, ETH is trading at $ 2,635, up over 13% in 24 hours.
The last time Eth2's total staking capital was reported to be at $ 3.6 billion.
The Ethereum community is aware that this blockchain is in a phase of transition from a Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism. It is part of the Eth2 upgrade.
This means, after this the miner will stake 32 ETH to process the transaction, unlike PoW which requires complex skills to complete the transaction.
Users staking on the network have the potential to receive rewards of up to 23%. However, deposits and rewards received can only be withdrawn if phase 1.5 of the Eth2 upgrade is broadcast which is expected in 2022.
