The Ethereum 2.0 Deposit Contract’s Value Surpasses $10 Billion Again

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Many people keep a close eye on the Ethereum 2.0 deposit contract. As more and more people contribute funds, there will be additional network validators. It appears some Ether whales are also taking the plunge lately, which is somewhat surprising.

Over $10 Billion in ETH 2.0 Staking

It is remarkable to see how much money people commit to the Ethereum 2.0 deposit contract. Many people have an interest in becoming an Ethereum 2.0 validator to earn staking rewards.  As more people commit funds for this purpose, the overall rewards will decrease for everyone. At the current prices, however, there is still more than enough incentive to explore this option.

Today, the total value in the Ethereum 2.0 deposit contract surpassed $10 billion again. It is not the first time this happens, though. A new all-time high value is in the works, although there’s still some work to be done. As the ETH price keeps moving higher, it may be a matter of time until this happens.

Source: Glassnode

Pushing this value higher will hinge on two factors. First of all, the Ethereum price now sits above $2.500 but is still a way removed from the all-time high. Secondly, the number of new contract deposits coming in. Per Etherscan, there are still plenty of people depositing 32 ETH into the contract. That is a healthy long-term sign, as more deposits means more network nodes.

As is to be expected, not all of the deposits come from unique addresses either. Although the transactions are individual, the same service providers tend to pop up often. Although many people tend to give up control over their future ETH 2.0 node these days, that is an interesting sign. For the network, this will all prove beneficial once Ethereum 2.0 goes live on the network.

Ether Whales Decrease In Number

All of the funds for the Ethereum 2.0 deposit contract has to come from somewhere. Surprisingly, it seems as if some of the Ether whales are slowly draining their balance. Whether these funds end up in the deposit contract is difficult to predict. Some of it may make its way to exchanges for liquidation, among other things.

As there are now fewer addresses holding 100 ETH or more, one has to wonder what happens next. This decline has been going on for some time now. With a fresh two-year low in place, things do not necessarily look too promising for Ethereum. However, there are still over 44,100 addresses with such a high balance.

All in all, things are getting interesting in the cryptocurrency industry again. A lot of metrics head in exciting directions, although their future impact remains uncertain. For Ethereum, the next objective is to set a new all-time high and continue to move toward $3,000. No one knows how long this process will take, however. The coming weeks and months will prove crucial for this ecosystem in many different ways. 

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