The deposit contract for staking on the Beacon chain, the blockchain that provides the backbone of the Ethereum 2.0 ecosystem, has now raised over 10 million ETH. That’s $26 billion worth of stakes at current prices.

Ethereum 2.0 is a long-awaited update to Ethereum that will convert Ethereum’s consensus mechanism from proof-of-work to proof-of-stake. The Beacon chain will be the core of the Ethereum 2.0 chain, which will merge with the existing Ethereum chain and replace miners in July this year. Although Ethereum 2.0 has not been officially launched, ETH holders can already stake their holdings on the beacon chain. At the time of writing, the contract is worth 10,021,538 ETH, equivalent to $26,124,946,981.62. While proof-of-work requires “miners” to spend electricity mining blocks, proof-of-stake puts block validation in the hands of those who stake their ETH holdings. Vitalik Buterin believes that this will reduce Ethereum’s carbon footprint and provide it with more transaction scalability. However, the founder said the same about the Ethereum London hard fork upgrade, which failed to significantly reduce network gas fees. Compared to other proof-of-stake coins, Ethereum 2.0 currently has the third highest stake value on its network. It is only surpassed by Solana and Terra, while already outperforming Cardano. All validators on the Beacon chain are running a full node, which means that Ethereum’s node count should increase exponentially with the arrival of Ethereum 2.0.

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