Ethereum 2.0 in figures: Smart contract already exceeds 9 million ETH arranged as collateral – DiarioBitcoin

For Angel Di Matteo @shadowargel

The figures show that day by day the number of validators interested in supporting Ethereum 2.0, which is estimated at more than 280,000 addresses that will process blocks.

***

A new survey reveals that the leading smart contract for Ethereum 2.0 exceeds 9 million ETH deposited, a figure that exceeds USD $30.3 billion at the current exchange rate.

Smart contract for Ethereum 2.0 exceeds 9 million ETH

This information is reflected by data extracted from Etherscan.io, which show that the amount of funds ETH deposited by those interested in staking in the new version of Ethereum has been increasing over the days, setting a new record for the project in terms of support capitalized by the community of stakeholders.

Contrato inteligente Ethereum 2 Etherscan
Current state of the smart contract for Ethereum 2.0. Image extracted from Etherscan

Let’s keep in mind that the smart contract was launched in November 2020 and since then many people have deposited 32 ETH to be the first to process the new blocks of the network, which will be processed under the consensus algorithm Proof-of-Stake (PoS), which will enter into force replacing the Proof-of-Work (PoW) under which it has been operating since its inception.

Current data reveals that at least a total of 280,000 addresses appear as validators for the new network, a figure that is expected to increase progressively to guarantee greater decentralization of the process.

transition to The Merge

The expectation of the arrival of Ethereum 2.0 grows precisely because the new update contemplated in the project’s roadmap, better known as The Merge, which would bring with it the start of staking operations, with which those who have deposited funds in the smart contract will be able to start processing blocks and thus derive the associated profits.

Although other important steps contemplated in the project’s roadmap are still needed, there is a lot of enthusiasm on the part of developers and investors about the latter, precisely because this brings the arrival of Ethereum 2.0 much closer and with it a transition that would solve the problems that the network currently presents in terms of scalability and high costs for operations.

The future of Ethereum

Last December, the main developer and co-founder of Ethereum, Vitalik Buterin, published a tentative roadmap for what would be Ethereum 2.0, and although many things went hand in hand with what was originally proposed, several users made a call for attention to the centralization in the processing of blocks, something that the developers involved will have to attend to in order to maintain the balance that the project proclaims from the beginning.

Although Ethereum has recently received updates to improve its operational performance, scalability and high cost of operations remain a major issue. However, EIP-1559 brought with it a data destruction scheme. ETH linked to the commissions of the network, which has begun to endow the currency with deflationary properties taking into account that it is more the amount of Ether that is burning than the one that is being produced.

While this is happening, the development teams continue to work so that the next phase of Ethereum 2.0 release as soon as possible. Analysts and enthusiasts expect to see this materialize by 2022, at least to a functional point where the network can already be used for many of the use cases known today.


Recommended reading


Fountain: Etherscan.io, Cryptobriefing

Angel Di Matteo version / DailyBitcoin

Picture of Unsplash

We would love to thank the writer of this post for this outstanding content

Ethereum 2.0 in figures: Smart contract already exceeds 9 million ETH arranged as collateral – DiarioBitcoin

Dispensary Business News