Within three weeks of the launch of the Ethereum 2.0 Beacon Chain, more than $1 billion worth of deposit contracts are currently carrying over 2 million ETH. This also occurs because the consumers of the ETH 2.0 deposit contracts reported almost 45,000 transactions.
ETH’s stake is now 380 percent higher than the minimum threshold needed to bring Ethereum 2.0 into effect. Ethereum 2.0 is a PoS blockchain network that offers greater reliability in terms of performance. Today, the blockchain is not adequate to fulfill all requirements, looking at the Ethereum network activity.
According to Coinspeaker.com, in terms of scalability and problems with high Ethereum gas charges, it faces serious bottlenecks. It would be made more efficient, scalable, and cost-effective by the ETH 2.0 network update. Besides, without any kind of hassle, it promises to host a huge range of DApps and DeFi applications. Charles Storry, co-founder of PhutureDAO, spoking to Decrypt and said:
“Ethereum, the second largest blockchain has moved to a new consensus mechanism: proof of stake. The locked-up funds signify the investor and community appetite for the new model and will lead the future consensus models in upcoming designs.”One of the most common software wallets, MyEtherWallet, announced support for ETH 2.0 in collaboration with Staed earlier this month. Here, on behalf of the developers, staked helps to run validator nodes. Users lacking technological expertise will therefore also engage in their ETH. With customers having full control of their keys, this service is completely non-custodial.