By Leah Hutton (Luxembourg)
Ethereum network is getting ready for Proof-of-Stake (PoS). It is estimated that Ethereum staking is taking off with over one million ETH.
According to Trustnodes around one million ETH has already been staked by the Ethereum 2.0 testnet client.
Ethereum network is preparing for the migration to proof-of-stake. As TokenHell reported yesterday, Ethereum has successfully passed the formal verification of its smart contract that will enable the deposits in the migration of Proof-of-Stake (PoS).
Up to 1M ETH could be already staked by testnet clients
Ethereum Testnets show that up to a million ETH could be already staked in anticipation of Beacon Chain. This amount equals to $160 million. This amount is currently utilizing the single client ETH2.0 tesnet.
32000 validators are currently staking 100000 testnet ETH. This testnet is currently running on the parameters of mainnet but in order to run a full node, a tenth of 32 ETH is required.
Also read:Now it is expected that one million ETH is likely to jump to the Proof-of-Stake (PoS) Beacon Chain as soon as it will launch. There are around 600000 ETH that the Ethereum foundation currently has but the foundation aims to add more ETH for staking.
Crypto Exchanges are likely to offer staking services
Several crypto exchanges are likely to offer their staking services. Crypto exchange Coinbase will also provide its staking services and tools to the Ethereum network as they provide their services to other crypto assets. With this, more Ethereum holders will move ahead for staking.
The estimated reward for staking is around 3.5% and it will be based on how much amount is staked. According to Trustnodes, almost 30 million ETH will be staked within the duration of one year but for this purpose, one million validators will be required.
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