The second-most valuable cryptocurrency in the world, Ethereum officially started its network upgrade in December 2020 with Beacon Chain’s launch. The crypto community showed immense support to the network upgrade with the staking of more than 1 million Ethereum under ETH 2.0’s deposit contract within the first week of the launch of Beacon Chain.
The latest data posted by Etherscan, a leading block explorer and analytics platform for Ethereum, shows that the total value of the staking contract has now crossed $33 billion as the community has deposited over 12.4 million coins. While the staking number is at its highest-ever level, the value of the staking contract has dropped due to Ethereum’s price correction.
ETH is now down by more than 6% in the last 7 days. With a price dip of almost 20% in the past 4 weeks, Ethereum has remained one of the worst performing digital assets among the top 5. ETH touched an all-time high in November last year. At that time, the value of ETH 2.0’s deposit contract almost touched $40 billion.
ETH Network Transactions
The overall transaction fee on the ETH network has decreased substantially in the past few weeks. Despite a price dip, the total number of transactions on the Ethereum network has climbed recently. Santiment, an on-chain analytics platform, noted that the ETH network witnessed a jump in transfer activity on Friday.
“On the Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit, on Friday. This was the highest day, in terms of ETH's capitulation trading ratio since Nov 18, 2018, or 3.5 years ago,” Santiment added.
Currently, Ethereum has a market cap of almost $320 billion, compared to an all-time high of more than $500 billion in November 2021.
