Author Topic: Ethereum (ETH) Sets A New Record: 5 Million ETH, Ready!  (Read 159 times)

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Ethereum (ETH) Sets A New Record: 5 Million ETH, Ready!
« on: June 02, 2021, 09:18:16 PM »
ETHs locked on the Ethereum network set a record.

Months after the launch of Beacon Chain , the most important step before the transition to Ethereum 2.0 , the record was officially broken. More than 5 million ETH has recently been locked on the network and Ethereum's growth continues despite the price drop.

🚩Milestone for Ethereum
Ethereum 1.0 has a Proof-of-Work-based structure, which allows mining on the network. Ethereum co-founder Vitalik Buterin has long been wanted to leave the Proof-of-Work model. The developers worked on this and finally the transition process started.

By switching to the Proof-of-Stake structure, mining will actually be removed from the network. It is known that this will reduce the environmental damage of the Ethereum network by 99.5% and significantly increase scalability. In a recent statement, Vitalik Buterin stated that they expect to reach 100,000 transactions per second in terms of scalability.

🚩Record Number of Locked ETH
Now, the total number of ETHs locked for Ethereum 2.0 has reached 5 million, showing that the trust in the network is greater than ever. Although there have been various discussions and uncertainties about the transition to PoS before, the lockdown of 5 million Ethereum creates unconditional trust. As of the writing of this article, it is seen that the total number of ETH has reached 5.2 million.

The number of active validators on the Ethereum 2.0 testnet is also seen as 154,361. In addition, 8,555 people expect 32 ETH staking applications to be accepted and become a validator in the network. It seems that the interest in the Ethereum network is at a record level just by looking at these metrics.

🚩Queue to Become Validator on Ethereum Network
When Ethereum 2.0 is active, these validators will be directly responsible for the approval of transactions and will generate income from it. Validators in the Ethereum network, which currently has an annual return of 7%, may see this increase in the coming years. The biggest return here is expressed as 32 ETH being locked.

Ethereum price has increased more than 20 times since the announcement of the transition to Ethereum 2.0 and hit the $4,300 level. Although there has been a sharp decline recently, experts emphasize that the situation is more positive than ever for Ethereum.