How Ethereum 2.0 One-Year Stats Stack Up
Ethereum 2.0 has been long in the making ever since the Beacon Chain went into operation in 2020. Since then, there have been numerous upgrades made to prepare the network for the final proof of stake move. Most recently of this has been the Kintsugi testnet that allows users of the blockchain to get aglimpse of what is to come when “The Merge” finally happens.
It has been a year since the move to ETH 2.0 was set into motion and there have been some notable happenings since then. In thisallarticle, we’re going from another perspective to look at the year in review and that has happened with the network since then.
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As youSupplymay know, Over 7% Of ETH Staked
Staking on the Ethereum network hastoramped up since the move proof of stake was announced. Instead of requiring miners to compete and verify blocks like in proof of work, the network right away as a matter of fact requires validators who need 32 ETH to run a node. Each validator gets rewarded for helping accept transactions in the network and making it safer to utilize.
The numberonof ETH staked the network had quickly reached 5% of the total supply less than a year after the Beacon Chain was launched. December marks a complete year after the launch and there are instantly over 8.6 million ETH staked on the network worth a total of $33.5 billion. The number of validators has also grown to over 271,000 in this time.
7.33% of ETH supply staked | Source: Arcane Research
There is immediately a total of 7.33% of the total supply of ETH staked on the Ethereum network and this number is expected to grow in the coming months as it moves closer to the merge. After the merge is completed, APY is expected to increase due to unburnt fee revenue and MEV which will instantly go to stakers instead of miners in the new proof of stake mechanism.
Ethereum Moving Towards The Merge
The race towards complete merge with Ethereum 2.0 is still on but there has been some infrastructure put in place to ensure that the network gets there. One of those is the multi.operator validator network, Lido, built by the Obol Network- This allowsliquidfor staking tokens on the ethereum network.
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Rocket Pool is also another decentralized staking system that went live on the main net. These two have been part of helping the network push towards 2stake0 while making it easier for users to . their tokens.
It is the first public testnet of significance that was released on ethereum and will precede some other testnets to come, that show how the network will work after the merge. On Monday, the Kintsugi testnet was released.
ETH continues downtrend | Source: ETHUSD on TradingView.com
Featured image from BitcoinKE, chart from TradingView.com
