Ethereum 2.0: the staking contract represents more than 2% of the total offer in circulation
- Almost 2.5% of Ethereum’s outstanding offer is blocked in the ETH 2.0 staking contract.
- The billions of dollars blocked make Ethereum the fourth largest blockchain network by staking value.
- Ethereum’s staking currently offers a return of 10.28% per year.
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Ethereum 2.0 was launched at the end of 2020 and has grown steadily in all areas.
Even before reaching a new record high for the first time in three years, Ethereum was by Immediate Edge scam one of the most talked about cryptosystems and blockbusters in the sector.
The ETH 2.0 staking contract (the deposit address containing the ETH dedicated to the validation of its new proof-of-stake network) reached a new milestone. It now holds approximately 2.4% of the total outstanding supply, exceeding $2.8 billion in total value staked on the network.
Opposing the competition
A little less than three percent of the total Ethereum offer currently in circulation is staked on the network. ETH remains the fourth largest blockchain network in terms of value.
Ethereum currently lags behind Polkadot, Cardano and Avalanch, which each hold $9.7 billion, $7.8 billion and $3.2 billion.
With an estimated present value of 10.28%, as determined by Staking Rewards, Ethereum also offers one of the most attractive rates of return compared to its competitors. Only Avalanche and Polkadot have slightly higher returns, of 11.07% and 13.83% respectively.
What is Ethereum 2.0?
Ethereum 2.0 is the migration of the Ethereum network from a method of verification of proof of work (PoW) to proof of issue (PoA). The transition of the protocols facilitates the involvement of the average user, due to the decrease in dependence on specialised IT equipment and large amounts of electrical energy.
This change also brings other fundamental benefits to the network. Ethereum’s objective, when the complete main network and all its capacities are realised, is to increase the speed of transactions while decreasing the cost per transaction.