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Second Largest Cryptocurrency Value Staked in Ethereum 2.0 Deposit Contract Nears $4.1 Billion

Ethereum’s ether cryptocurrency value staked is now nearing $4.1 billion, thanks to the recent GME trading drama that accelerated the adoption of cryptocurrencies.

A news post on utoday stated that Ethereum’s cryptocurrency value staked in the Ethereum 2.0 deposit contract is nearing $4.1 billion. Investors were quite surprised to notice that the number of Ethers stakers have deposited are more than $4 billion worth of crypto.

Market analysts have been watching the progress on ETH 2.0 staking since December 2020 and are not surprised at the new development. That is because more than half a million ETH was locked in the deposit contract, last year itself.

Utoday covers the crypto industry, blockchain, and new-gen technology has this to tweet on Total ETH Value Staked in Ethereum 2.0 Deposit Contract Nears $4.1 Billion.

You would be surprised to know that the amount effortlessly went past the initial goal and the ETH deposited today is $4,099,368,001.66. It means that it is equal to 2,865,227.85 ETH at the current rate of $1,424 per coin.

The latest leg higher that began from $1,200 happened because of the current GME rage in the market. Brokerage platforms like Robinhood restricted transactions fueled due to a colossal barrage from Reddit-based retail traders.

The Reddit forum r/WallStreetBets were able to make decent amends in the hedge fund market. Locking the second-largest cryptocurrency was a necessity. Because of doing that, it helped in phase zero of the ETH 2.0 upgrade.

Due to that, the market is expected to significantly in the number of transactions per second. It can also solve other scalability issues. Besides, the transfer of Ethereum blockchain can be made from proof of stake (PoS) to proof of work (PoW) seamlessly.

Nicholas Pelecanos, head of trading at NEM Ventures, said to CoinDesk that there are few causes for this happening. The investment and trading platform Robinhood stopping trading GME, and NASDAQ president Adena Friedman wanting changes in some of the regulations preventing retail investors is probably a good cause for cryptocurrencies getting better.

Surprisingly stakers are pumping in more ETH into the deposit contract. At the time of writing, Ethereum is trading more than $1,420 level.

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