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Ethereum’s ETH2.0 Deposits Hit 148% of Required 524,288 ETH

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Quick take:

  • Ethereum investors continue sending ETH to the ETH2.0  staking contract
  • This is despite the minimum threshold of 524,288 ETH been met
  • 775,232 ETH is currently locked in the contract which is 148% of the required amount
  • According to Weiss Ratings, the high deposits means everyone wants to get onboard
  • Continual deposits is a clear sign of investor confidence in Ethereum

The minimum threshold of Ethereum deposits required to trigger Phase 0 ETH2.0 was met earlier this week. This means that ETH2.0 is on schedule for a December 1st launch.

ETH2.0 Deposits Hit 148% of Required 524,288 ETH

However, Ethereum investors have continued to send their ETH to the ETH2.0 deposit contract despite the minimum amount of 524,288 ETH being met. According to on-chain data from CryptoQuant, the staking contract now holds 775,232 ETH. This amount is approximately 148% of the required minimum of 524,288 ETH.

Below is a chart courtesy of CryptoQuant, demonstrating continual deposits to the ET2.0 staking contract.

Ethereum's ETH2.0 Deposits Hit 148% of Required 524,288 ETH 2
Source, CryptoQuant.com

Everyone Wants to Get On Board

According to the team at Weiss Crypto Ratings, Ethereum deposits to the ETH2.0 surpassing the minimum amount by such a huge margin is a sign that everyone wants to be part of the upgrade and network.

Smart contract required for triggering ETH 2.0 has enough funds to begin activation of the long-awaited upgrade. Last 25% of the ETH was deposited in just four hours. Even as we speak, #ETH is still being moved to the deposit contract. Everyone wants to get on board. Go ETH!

$395M in ETH locked in ETH2.0 Could Benefit the Price of Ethereum

775,232 ETH locked in the ETH2.0 staking contract translates to approximately $395 million using an Ethereum rate of $510. This amount of funds is approximately 0.68% of the total circulating supply of Ethereum and a testament to investor confidence in the upcoming upgrade to the network. Ethereum investors are literally putting their money where their mouth is.

Such investor confidence, coupled with a drop in Ethereum’s correlation to Bitcoin, could very much mean that alt season is once again upon the crypto-verse. Consequently, Ethereum could consolidate around the $490 support area and continue on its bullish climb into the month of December.

Spurced by Ethereum World News

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