Ethereum 2.0 has crossed a major milestone after recording over 10 million ETH staked on the platform. That’s $26 billion worth of ETH already staked on Beacon chain, the blockchain that provides the support for the Ethereum 2.0 ecosystem.<\/p>\n
Beacon will be the main Ethereum 2.0 chain and will be integrated into the existing Ethereum Chain, which is set to replace miners by July.<\/p>\n
While the launch of Ethereum is still underway, ETH holders have been allowed to stake their holdings on the Beacon chain. The contract now holds 10,021,538 ETH, which is worth $26,124,946,981.62. as of press time.<\/p>\n
Ethereum 2.0 upgrade, which has been widely publicized in the blockchain and cryptocurrency industry, will convert the Ethereum consensus mechanism to proof of stake. This is a deviation from the proof-of-work network it was initially built on.<\/p>\n
Industry experts and stakeholders have pointed out the numerous benefits of the transition, and the major milestone is evidence of users’ trust in the platform.<\/p>\n
The Proof-of-work network takes a toll on energy as it requires miners to use energy mining blocks. However, the proof-of-stake network gives back validation to those that stake their Ethereum.<\/p>\n
Co-founder and Chief Executive Officer of Ethereum, Vitalik Buterin, stated that the proof-of-stake network will offer more transaction scalability while minimizing Ethereum’s carbon footprint.<\/p>\n
Despite the promising features of Ethereum 2.0, some are still skeptical about its benefits. Some are not sure that the proof-of-stake network will leave up to its promises. Buterin also had high hopes for Ethereum’s London hard fork upgrade, but it failed to cut down the network’s gas fees.<\/p>\n
Ethereum 2.0 has the third-highest staked value on its network when compared to other proof-of-stake coins. Only Terra and Solana are ahead of ETH in that aspect, but Ethereum’s current pace could outstrip those two in the future.<\/p>\n
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