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2 million Ethers (ETH) blocked for Ethereum 2.0 staking – Cryptocurrencies

ethereum staking 2.0

The novelty: we love it! Then we often end up saying it was better before. Feedback on the successful launch of Ethereum (ETH) 2.0. The actual deployment of ETH2 is far from over, but the list of tasks ahead is already long.

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If we have to wait, they will wait

Approximately 3 weeks after the launch of the beacon chain of ’Ethereum, 2 millionEthers were blocked for staking during the first phase of implementation Ethereum 2.0.

Dune Analytics indicated that the minimum threshold required for the launch of ’ETH 2.0 was exceeded by 380%. 45,000 transactions were necessary to reach this stage.

524 288 ETH were required for the deployment of the beacon chain and this number had been reached a few hours before the planned launch date.

The inability to withdraw the gains until the current mainnet merges with the new blockchain does not appear to have discouraged participants, which could take a few more years.

Hopes and despair

This update toEthereum should make the network faster and cheaper, thanks to the switch from PoW to PoS.

The blockchain is suffering from congestion linked to the rise of DeFi and the consequent increase in the number of transactions.

Transaction fees have reached record levels. On September 2, 2020, due to the sheer volume of traffic, executing a single transaction cost an average of $ 14.

Staking allows holders ofETH to receive remuneration in exchange for their participation in the process of validating and executing transactions.

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Despite all the beautiful promises of Vitalik Buterin as for the prowess of theETH2, DeFi experts are pessimistic about Ethereum’s ability to solve industry problems.

Will ETH2 have the capacity to double the price of Ether from its pre-beacon chain price? It has every interest in proving itself given the trust that investors place in it: the billion dollars blocked in staking can attest to this. Vitalik Buterin and ETH developers must now step up the pace to launch key features that should boost the network’s transaction processing capabilities. Too long a wait would not just blow up the gas, but could also end the patience of current or potential stakers.

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