According to recent data, Ethereum smart contracts locked for over US$ 13 Billion in value because 5.2 Million Ether have been staked within the deposit contracts of Eth2. The contract was sent live in November 2020 and in December 2020 the contract was able to fulfill the requirements to trigger of Beacon Chain. Analysis report from Dune Analytics shows 108,461 transactions sent into Ethereum contracts wherein 27,100 are unique deposits.
Ehtererum’s growth over the years has been remarkable and unmatched. In fact, Ethereum has been able to overpower Bitcoin with regards to its usability, which is certainly better than Bitcoin. For instance, the two elements that allowed Ethereum to grow extraordinary were the Decentralized Finance and staking of Ether in smart contracts. There is also a third element which is the usage of Ethereum for the purposes of sales of Non-Fungible Tokens (NFTs).
Since when the Eth2 deposit contract mechanism has been set life, the contract is receiving a high number of Ethereum from the users. The contract has been called “Etherscan” and to date since November 2020, approximately 5,210,370 ETH units have been sent into the contracts. As per today’s prevailing exchange rates, 5,210,370 ETH means Ethereum coins valuing US$ 13.6 Billion approximately. Such a huge amount has been locked within Beacon Chain in a very short period of time i.e. November 2020 to date.
Still, there are transactions of at least 32 ETH-size, which are pending approval. If any Ethereum user wants to act as an Eth staking validator, then he or she needs at least 32 Ether coins to become such a validator. This would mean that spending of approximately US$ 84,000 is required to stake Ehtereum for the purposes of Eth2 smart contracts. As per the analysis of Dune Analytics, an Ethereum contract is going above the threshold of 524K with a rate of 993.66%.
As per Etherscan, the first deposit in the contract was made on 5th November 2020. The deposit was duly made by the co-founder of Ehtereum namely Vitalik Buterin, who initially deposited 3,200 ETH at the relevant time. At that time, the deposit caused Buterin to pay US$ 1.3 Million in fiat. However, as of today, the value of the deposit has increased to US$ 8.3 Million. Similarly, the validators, who made their deposits after Buterin, too have been able to witness extraordinary gains after the launch of Beacon Chain.
Dune Analytics’s analysis reveals further that a total of 108,461 transactions were received by the Eth2 contract. Within these 108,461 transactions, approximately 27,100 transactions belong to deposits that are unique. The analysis further pointed out that since the launch of the contract to date there are a total of 152,261 validators.