Total amount of Ethereum locked in ETH 2.0 surpassed $1Billion

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There is now over $1 billion worth of ethereum (ETH) locked in ETH 2.0, the first phase of the network’s major upgrade which went live earlier this month.
According to data from Etherscan, there is roughly 1,543,937 ether in the ETH 2.0 deposit contract. Given the Ethereum current price of $648.26, this is equivalent to $1,001,428,416.75 worth of ethereum. It’s a notable feat as it is less than a month since ETH 2.0 was launched.
Deposits are often made to the contract in increments of 32 ETH by independent users and also cryptocurrency companies offering staking services. Kraken, for example, sent approximately 100,000 ETH to the contract at the beginning of December on behalf of its customer. Other major exchanges such as Gemini and Coinbase have also launched ETH 2.0 staking features to their customers which will enable them to stake their crypto assets and earn rewards.
Ethereum staking rewards are in the form of annualized interest of circa 13.15%. This implies that a single stake of the minimum 32 ETH would bring in at least $2,650 over the one-year period at present ethereum prices.
Notably, the amount of ether sent to the contract has been rising gradually since the eth2 deposit contract launched on November 4. Nov. 24 had been set as the date on which the requisite 524,288 Ethereum should have been reached in order to activate ETH 2.0 Beacon Chain.
Since Nov. 24, the contract deposits have risen by 115%, resulting in current total of 1,543,713. Additionally, the skyrocketing ethereum price has possibly fueled further interest to stake on ethereum 2.0.
The new proof-of-stake (PoS) ethereum upgrade will introduce some key improvements to the network, including allowing ethereum to process more transactions per second — essentially tackling ethereum’s notorious scalability and gas price issues.
Phase 0 of ETH 2.0, however, still has a long way to be completed. While the first couple of weeks since the highly-anticipated launch looks promising, there is still much work to be done before progress to the next phase of ETH 2.0 development.

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