Ethereum 2.0: All Recent Developments That Investors Could Leverage
With almost a week until the end of August, the next month will begin with massive expectations for the most awaited event within the blockchain space over the past year – the ETH Merge or Ethereum 2.0. OKLink data shows 13,343,768 Ether deposited into the Ethereum 2.0 contract address.
That came after developers revealed September 15 as the day for the ultimate shift to the PoS mechanism for the Ethereum blockchain. OKLink showed that the stake rate surpassed 11,17%. So far in August, there have been 53K new $ETH staked, with approximately 36K $ETH joining deposit contract address each week.
Ethereum 2.0: So Far in August
Transitioning into a PoS blockchain would see validators verifying transactions before adding to existing network blocks. Individuals need to deposit 32 ETH to be validators on the platform. This deposit activates validator software.
Glassnode data showed increased transactions depositing the needed 32 $ETH to the Ethereum 2.0 contract address since early August. By August 21, the network had seen 114 new transactions, totaling 5,083 deposits since early the month.
While publishing this news, the overall transactions to the Ethereum 2.0 contract deposit hovered at 424,758. That represented a 1.4% growth since August began. ETH 2.0 has 4,527,444 validators. Meanwhile, the network has seen 5,084 new validators over the past 21 days (as the Merge approaches).
Assessing staking on a wider timeframe indicated that $ETH deposited per week for staking has dropped since March. That remains a concern.
Leader of Boys
Indeed, some staking providers facilitate ETH deposits to the Ethereum 2.0 contract address. Lido Finance remains the top staking provider, with 4,149,796 $ETH staked so far. That represents 31.10% of the overall stake ETH in the marketplace.
Nevertheless, with August so far flashing overall market decline, Lido Finance’s TVL (total value locked) has plunged by 4% since the market began (DeFiLlama data). Also, the protocol’s native coin, LDO, has plummeted since early August.
While publishing this post, LDO traded at $1.89, losing around 23% within the last 21 days. Meanwhile, the token gained 0.1% over the past day, with its trading volume gaining 235.75%.
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