50,000 ETH has been locked but the total staked is still only 10% of what is required.
Although the deposits are gradually increasing, retail users still need to participate in full blow.
50,000 ETH finds its way!
The upcoming Ethereum 2.0 launch has grabbed headlines and everyone’s attention is focused on the progress to the countdown. Users have been taking keen interest and putting their funds into Ethereum’s much-awaited 2.0 Upgrade. If the enthusiasm surrounding this continues it will mean that the launch will take place on the decided date.
More than 50,000 ETH has now been seen traveling to the deposit contract within a week as per the data from Dune Analytics. But the required percentage is still too much because this portion contributes only 9.42% of the total required for it to launch on December 1’st. The new upgrade on the anvil is all about a major shift to a proof-of-stake consensus mechanism from the current Proof-of-work design. This will be a transformational shift that would benefit everyone in the value chain with lower congestion, reduced gas fees, and superior scalability. It will favor the Ethereum holders who run the validator nodes and get payouts.
Still, a lot more to be desired!
As of now, it has attracted more than $22 million worth of Ethereum from 242 unique depositors. But with the numbers that are coming in, it is clear that retail participation has been non-indulgent in the deposit contract. 13,888 ETH has just come from one address which contributes 27% of the entire ETH 2.0 stake. The second highest depositor stands at 6,400 staked ETH and the third is half of it at 3,200 ETH. Vitalik Buterin had made the third-largest deposit.
Retail participation is a must
The numbers are good but the stake requirements are higher. If the launch has to happen, then the retail users have to come forward to make the launch happen. 473,956 more ETH is required else if the numbers keep pushing this way, December may also be a distant dream. Data from Dune Analytics show that the number of deposits has reduced since the launch last week. Only 1,596 ETH was sent to the contract by 45 depositors a day ago and 32 ETH today.
Source: Dune Analytics
The protocol specialist, Elias Simos working with Bison Trails said that the addresses required for staking are back in trend. He tweeted:
“Addresses with more than 32 ETH resuming uptrend (+5% MoM). $ETH supply in smart contracts taking a breather. All while ETH is leaving exchanges (-15% Q3/Q4), and active addresses are flat at ~400k. Probably nothing, right?”
But more is needed and November-mid is round the corner!
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