Ethereum Value Almost $195M Staked in ETH 2.0 Deposit Contract Over the Previous Week

Extra investments proceed trickling into Ethereum 2.0 deposit contract based mostly on the historic highs famous.

Market analyst Ali Martinex identified:

“Roughly 150,000 ETH, value round $195 million, have been transferred to the ETH2 deposit contract over the previous week, hitting a brand new all-time excessive of 13.9 million ETH staked.”


Supply: Glassnode


The ETH 2.0 deposit contract was launched in December 2020 to help the change of the proof-of-work consensus mechanism to a proof-of-stake (PoS) framework known as the merge.


The much-anticipated merge went reside on September 15 setting the ball rolling for a PoS construction on the Ethereum community. Due to this fact, it’s anticipated to propel Ethereum’s quest of turning into a deflationary asset.


Nonetheless, a current evaluation highlighted that Ethereum needed to endure 4 extra steps to unravel the scalability downside even after the materialization of the merge. 


The 4 phases embrace the surge, the verge, the purge, and the splurge. Their timeframe just isn’t nicely outlined. Sameep Singhania, the co-founder of QuickSwap, said:

“It’s onerous to speak concerning the timelines of the next 4 levels as a result of all of them are nonetheless below lively analysis and improvement. However, for my part, it should simply take 2-3 years earlier than all phases are full.” 

In the meantime, the median transaction quantity on the ETH community has nosedived. Crypto perception supplier Glassnode defined:

“ETH median transaction quantity (7d MA) simply reached a 23-month low of $32.38.”




Alternatively, gasoline utilization has been rising, suggesting that the gasoline charges paid in transactions have remained excessive. Glassnode added:

“ETH median gasoline utilization (7d MA) simply reached a 3-month excessive of 47,461.113 Earlier 3-month excessive of 47,349.137 was noticed on 23 September 2022.”


Supply: Glassnode


Ethereum was hovering across the $1,330 space throughout intraday buying and selling, in keeping with CoinMarketCap

Picture supply: Shutterstock

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