Ethereum’s ‘consensus layer’ contract hits 10M ETH staked

An analysis of Quantitative Analysis on the popular blockchain site Etherscan has shown that 10.2 million Ether (ETH), staked into Eth2 (consensus Layer) deposit contract, since its inception on Nov. 4, last year, was attributable to 184.441 transactions. Based on current Ethereum prices, this figure equals more than $26 billion.

Mathematical calculations indicate that the milestone was reached during block 14348729 on the evening of March 8. This was identified by community advocates and mainstream cryptocurrency publications in the last few hours.

The Ethereum Foundation published a change to the terminology in January 2018. Eth1, the initial proof of work blockchain, was now called the execution layer. Eth2, the upcoming proof -of-stake Blockchain, is now called the consensus layer.

Each user must deposit 32 Ethereum and stake 32 Ethereum into the official Ethereum Launchpad in order to be eligible to participate. This will allow them to obtain validation status on the Ethereum network. The number is currently at $83,252.

Due to Ethereum’s dependence on it for a variety of on-chain engagements, evolution to the consensus layer has been seen as a highly anticipated event in many provinces of crypto landscape, including decentralized finance protocols or DeFi and nonfungible token, NFT, projects, and marketplaces to ETH asset owners.

Related: Ethereum 2.0 nears 6 million staked milestone

Eth2 staking contract just hit 10,000,000 $ETH https://t.co/0qke0XBaCB
— Ryan Carson (@ryancarson) March 10, 2022

In January 2018, Ethereum’s hashrate metric reached an all-time high at 1.11 PH/s. This is a sign of greater node adoption and, by geography, greater decentralization in the network following the Arrow Glacier upgrade.

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