The ‘consensus layer’ contract on Ethereum has reached a milestone of 10 million ETH staked

According to all numerical accounts, the transition to proof-of-stake consensus is moving well, possibly indicating a demand for the network’s long-awaited upgrade.

Since its start on Nov. 4 last year, 184,441 transactions have been responsible for 10.2 million Ether (ETH) staked into the Eth2 (consensus layer) deposit contract, according to a quantitative analysis conducted on popular blockchain site Etherscan. Based on current Ethereum values, this amount is worth more than $26 billion.

The block 14348729 in the evening of March 8 was detected by mainstream cryptocurrency newspapers and community activists in the previous few hours, according to mathematical calculations.

The Ethereum Foundation announced a change to the network’s terminology in late January, referring to the original proof-of-work blockchain, or Eth1, as the execution layer and the impending proof-of-stake blockchain, or Eth2, as the consensus layer.

To participate, each user must deposit and stake 32 ETH in the official Ethereum Launchpad in order to gain network validation status. The amount is at $83,252 at the time of writing.

Due to the reliance on Ethereum’s blockchain for a variety of on-chain engagements, evolution to the consensus layer is seen as a highly anticipated event across the crypto landscape — from decentralised finance, or DeFi, protocols and nonfungible token, or NFT, projects and marketplaces, to ETH asset holders.

In January of this year, Ethereum’s hash rate statistic hit an all-time high of 1.11 PH/s, indicating stronger node usage and, due to geography, greater network decentralisation following the Arrow Glacier upgrade.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

 

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