The total value of Ethereum (ETH) locked in the ETH 2.0 deposit contract has reached an all-time high of 28,537,842 ETH, or over $100 billion. This represents a 10% increase from the previous ATH of 25,937,766 ETH, which was set in April 2023.
Source: Glassnode
PoW To PoS
The ETH 2.0 deposit contract is a smart contract that allows users to stake their ETH in order to participate in the Ethereum 2.0 network. The network has completed its transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) consensus mechanism. PoS is more energy-efficient than PoW, and it is also expected to be more secure.
Growing Confidence On ETH 2.0
The recent ATH in the ETH 2.0 deposit contract is a sign of growing confidence in the Ethereum 2.0 project. It also suggests that investors are looking for more energy-efficient and secure ways to store their ETH.
Ethereum Network Surges
As already reported, the Ethereum network saw its highest daily unique address interactions in over two months on September 2, 2023, with over 467,000 addresses interacting with the network. Of course, this is the most activity on the Ethereum network since the first round of Ethereum futures ETF announcements began on June 16, 2023.
With the ETH 2.0 upgrade, the Ethereum network will be able to process more transactions per second and it will be more scalable. This could lead to increased demand for ETH, which could in turn drive up the price of the cryptocurrency.
Final Thoughts
Overall, the recent ATH in the ETH 2.0 deposit contract is a positive sign for the future of Ethereum. It suggests that investors are confident in the project and that they are looking for ways to participate in the transition to PoS.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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