The ETH community is not worried about the recent decline in the world’s second-largest digital asset. The latest data from Etherscan, a leading block explorer and analytics platform for Ethereum, shows that the ETH community has increased the deposit under the staking contract of Ethereum 2.0 significantly in the last few days.
Ethereum 2.0 deposit contract now has over 7.7 million ETH worth approximately $25 billion. In August 2021, the overall value of the ETH 2.0 deposit contract crossed $20 billion for the first time in history. During the last 5 weeks, the ETH community has staked more than 1.2 million Ethereum under the deposit contract of its network upgrade.
The network upgrade of Ethereum started officially on 1 December 2020 with the launch of Beacon Chain. The community staked approximately 900,000 ETH under the deposit contract and the number jumped above 1 million within the first three days of the launch.
The price surge in Ethereum has played an important role in the recent jump of staked coins under the deposit contract of ETH 2.0 At the launch of Beacon Chain, the world’s second-largest cryptocurrency was trading at around $580. According to the latest data posted by Coinmarketcap, ETH is currently trading above $3,200 with a total market cap of over $375 billion.
Ethereum’s Network Upgrade and Key Indicators
Earlier this month, Cathie Wood, CEO of Ark Invest, praised the network upgrade of ETH. “Our confidence in Ethereum has gone up dramatically as we have seen the beginning of the transition from proof-of-work to proof-of-stake,” Wood said in a conference last week.
Apart from the institutional interest, ETH’s github activity has also increased sharply in the last few weeks. “Ethereum price has been volatile of late. Despite this, we’re seeing that the notable github submission activity for the number 2 market cap asset has grown back to May rates. It’s encouraging to see that the ETH team continues to innovate and improve,” Santiment highlighted recently.
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