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.
Beacon To Be Integrated Into The Existing Ethereum Chain
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.
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.
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.
The New Network Promises More Transaction Scalability
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.
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.
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.
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.
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.
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