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Ethereum 2.0 upgrade becomes fourth biggest proof of stake network following Eth2 deposit contract going live

Ethereum 2.0 upgrade becomes fourth biggest proof of stake network following Eth2 deposit contract going live

Quick Take

1 minute read

  • At the start of this month, Ethereum 2.0 was finally launched with a successful reaction from the community. 
  • The upgrade has already come as the fourth biggest proof of stake network by overall value in staking in just six weeks of the Eth2 deposit contract becoming live.

At the start of this month, Ethereum 2.0 was finally launched with a successful reaction from the community. The upgrade has already become the fourth biggest proof of stake network by overall value in staking in just six weeks of the Eth2 deposit contract becoming live.

Withdrawal functionality is not yet enabled on the upgrade and there isn’t an exact launch date for this either but with nearly $1 billion worth of Ethereum being designated for staking, things are looking up for the network.

Staking Rewards, a well-known crypto data aggregator says that more than 1.5 million Ethereum has been deposited for staking purposes.

Staking rewards on Ethereum has currently been estimating around 13% meaning that a single stake of 32 Ethereum could earn over $2500 in 12 months, this is with the current price of over $600.

As previously mentioned, developers on 2.0 are yet to provide an exact date as to when users will be able to withdraw their staked Ethereum. Some have predicted that this may go live in the first quarter of next year, however.

Currently, the price of Ethereum is $652.38 following a 1.87% increase over the past 24 hours.

For more news on this and other crypto updates, keep it with CryptoDaily!

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