One Million ETH Gets Locked up in Ethereum 2.0, Worth Over 600 Million USD

More than a million ETH is now staked on the world’s most-used blockchain. The development takes place a few days subsequent to the ‘beacon chain’ launch.

Presently, the amount is worth more than six hundred million USD and would reward stakers in the imminent future when next stages are rolled out and the staked amounts open up for withdrawals. Nevertheless, the annual yields on the staked crypto assets remain undetermined as of today.

The locked up crypto is part of the blockchain’s multiphase move towards a POS protocol, away from its present POW design. The move would permit Ethereum to develop into a quicker, low fee, and further scalable blockchain.

The much-anticipated staking launch originally witnessed a meagre response, with only fifty thousand Ethereum coming in the 1st week and thirty-two hundred ETH of that coming from Vitalik Buterin himself. However, the Ethereum community piled on in the last few days prior to the 1st December time limit, forcing the deposits over the minimum required 524k ETH.

Presently, the staked funds are one hundred and sixteen percent more than needed, according to on-chain analytics firm Dune Analytics. The amount comprises over three thousand depositors, who staked at least thirty-two ETH each.