There is currently $ 1 billion of ETH locked in Ethereum 2.0, the first step of Ethereum’s mass network update.

There is a total of 1,527,269 ETH in the ETH 2.0 deposit contract. Calculated at the current price of Ethereum at $ 660, this amount is equal to more than $ 1 billion.

According to Dune Analytics, the 524,288 ETH threshold was exceeded by 290%. This has been achieved through a collective effort of 34,709 transactions to date.

The Ethereum 2.0 network upgrade promises several major improvements to the Ethereum network, including resolving Ethereum’s longstanding scalability issues.

According to the news in Decrypt, PhutureDAO’s co-founder Charles Storry said:

“THE SECOND BIGGEST BLOCKCHAIN, ETHEREUM HAS MOVED INTO A NEW CONCENSUS MECHANISM: PROOF-OF-STAKE. LOCKED FUNDS EXPRESS THE INVESTORS AND THE COMMUNITY’S ENTURE FOR THE NEW MODEL, AND WILL LEAD THE FUTURE CONCENSUS MODELS IN FUTURE DESIGNS. “

The total amount of ETH sent to Ethereum 2.0 saw the biggest increase between November 23 and 24, increasing 145% from 285,888 ETH to 702,848 ETH in total.

Since November 24, there has been a 117% increase over the three weeks, with today’s total value being 1,527,269. However, according to Decrypt, everything has nothing to do with the increasing number of deposits. The rising Ethereum price also played a big role in the amount of coins in ETH 2.0 to exceed 1 billion.

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