The deposit contract for Ethereum’s consensus layer, formerly known as ETH 2.0, has exceeded 12 million ETH, worth nearly $34 billion at current prices. This means over 10% of the entire Ethereum supply is now locked in the consensus layer deposit contract.
<h2><strong>Beacon Chain Hits 12 million ETH</strong></h2>
According to <a href="https://etherscan.io/address/0x00000000219ab540356cbb839cbe05303d7705fa" target="_blank" rel="noopener">Etherscan</a>, the Ethereum consensus layer deposit contract for staking ETH on the Beacon Chain has reached the 12 million ETH mark, accounting for more than 10% of Ethereum’s entire circulating supply.

The Beacon Chain represents the first step in Ethereum’s transition from a proof-of-work (PoW) consensus model to a proof-of-stake (PoS) consensus model.

To become an ETH 2.0 validator, a trader must invest a minimum of 32 ETH. <a href="https://launchpad.ethereum.org/en/" target="_blank" rel="noopener">Currently,</a> there are over 360,000 validators, each of whom put up at least 32 ETH, demonstrating the enormous demand and trust in the future ETH 2.0.
<h2>Kraken Remains Top Depositor to Ethereum 2.0</h2>
The top Ethereum depositing addresses belong to Lido Finance, Kraken, Staked.us, Bitcoin Suisse, and Huobi. US-based crypto exchange Kraken remains amongst the top depositors to the address.

Since its inception, Ethereum’s biggest upgrade has faced numerous challenges and constant delays. Despite this, the deposit contract has grown significantly in the last two months, with over 2 million ETH freshly deposited after hitting 10 million ETH on Mar. 10.

ETH2.0 Deposit Contract Now Holds 10% of Ethereum’s Circulating Supply

The deposit contract for Ethereum’s consensus layer, formerly known as ETH 2.0, has exceeded 12 million ETH, worth nearly $34 billion at current prices.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

ETH2.0 Deposit Contract Now Holds 10% of Ethereum’s Circulating Supply

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