10% of Total Ethereum Circulating Supply Now Stacked into Ethereum Beacon Chain

^(Source)

Evening

Ethereum 2.0 staking contract continues to swell, despite the merger facing repeated postponement. The amount of Ethereum stacked into beacon chain have crossed 12 million Eth worth around $34 billion and marks around 10% of the total circulating supply of Ethereum.

^{(Ethereum Stacked Into Beacon Chain)}

Launched in November 2020 Ethereum Beacon Chain was the first major step in Ethereum's shift from proof of work(POW) to proof of stake(POS) consensus mechanism. Ethereum Beacon Chain requires a minimum of 32 Eth stacking to become Eth 2.0 validator. It is worth mentioning Ethereum stacked in Beacon Chain can't be unstacked until the Merge happens.

The testing of Merge started back in December last year, with Merge slotted to happen tentatively in July this year. Earlier this month Ethereum devs implemented first Shadow Fork in preparations of the Merge and latter the news came that the Merge was delayed from July to latter this year.

And despite the recent delaying of Merge, Beacon Chain continues to attract more and more Ethereum stakes with 2 Million Eth stacked in last two months alone. This marks increased investors confidence in Ethereum 2.0.

Whereas Ethereum shift to POS consensus mechanism, have been hailed by many energy-conscious groups as it will reduce Ethereum network's power consumption by more than 90%. On the other hand, there are concerns regarding security and decentralization of POS consensus mechanism.

^{(Ethereum Stacked Into Beacon Chain Via Lido)}

Lido stacking pool have emerged to be gaining traction with increasing number of Ethereum getting stacked into Beacon Chain via Lido. As of now 3.73 million Eth have been stacked via Lido, which makes around 31% of the total Eth stacked into Beacon Chain. So, centralization concerns of Ethereum 2.0 might not be far fetched.

Posted Using LeoFinance ^Beta