Quantitative analysis conducted on popular blockchain website Etherscan shows that since the release of the Eth2 (consensus layer) deposit contract on November 4 last year, 10.2 million ETH was pledged into the contract in 184,441 transactions. Based on the current price of Ethereum, this figure equates to more than $26 billion.
Mathematical calculations show that the milestone was surpassed in block 14348729 on the evening of March 8, a number confirmed by mainstream cryptocurrency media and community advocates in the past few hours.
In late January of this year, the Ethereum Foundation announced changes to network terminology, with the original proof-of-work blockchain (Eth1) now called the execution layer, and the upcoming proof-of-stake blockchain (Eth2) now called for the consensus layer.
In order to participate, each user needs to deposit and pledge 32 ETH on the official Ethereum Launchpad to obtain verification qualifications on the network. At the time of writing, that figure was around $83,252.
Since a large number of on-chain transactions rely on Ethereum's blockchain, in many areas of the crypto industry, from decentralized finance (DeFi) protocols and non-fungible token (NFT) projects and markets, to ETH asset holders , the evolution to the consensus layer is seen as a highly anticipated event.
The Eth2 pledge contract just reached 10,000,000 ETH
— Ryan Carson (Ryan Carson) March 10, 2022
Ethereum’s hashrate metric hit an all-time high of 1.11 PH/s in January, a major sign of higher node adoption and, due to geography, the network’s degree of decentralization after the Arrow Glacier upgrade higher.
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