According to reports, the staking platform ETH 2.0 has crossed the 200k mark for validators, with millions being staked, increasing the total at the platform.
As the number of authenticators seems to grow on the staking platform, ETH 2.0, so is the amount of staking. Reports show that nearly 6.6 Million in Ethereum are staked as of now, with a total stake of valuation is now worth around $14Billion. Statistical data shows that the platform has gained an additional 20 thousand authenticators, with an increased amount of Ethereum being staked as well.
The staking platform had a hold of around 5.9Million Ethereum, valued at around $12.7Billion, but now as the surge of validators continuous, the platform now has a hold of nearly 6.6 Million Ethereum, with a valuation of $14Billion.
Ethereum Adoption and Expansion
Ethereum has been seen to have a much better growth rate than Bitcoin this year, as the adoption rate continues to grow. As the Ethereum 2.0 chain has gained approval, this paves the way for an upgrade of the Ethereum Network from Proof-of-Work to the much-preferred Proof-of-Stake system.
Besides that, the London Fork coming to the Ethereum network on the 4rth of August is hoped to help out in reducing and burning gas fees, with changes coming to the auction process. A base fee will be implemented on transactions, which will enable users to give something on top of their original transaction value, to improve the speed of their transaction. All these changes and upgrades will also help out in bring a deflationary effect on the supply of Ethereum, causing more to be fit in one block, reducing the gas fee.
Utility over Value
Founder of Ethereum, Vitalik Buterin, gave out comments on the Decentralized Finance system inside Ethereum’s own systems. Addressing the EthCC conference held in Paris, Vitalik said that “the DeFi space is a bigger delta from centralized finance.”
In addition to that, the founder stated that Ethereum should have more utility rather than being used for DeFi. There should be more utility to the asset rather than always being focused on the price. Although gaining price is definitely a plus point, but the price increase should only come as a result of the innovative utility being provided by the asset, Vitalik said.
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