The upgrade to the Ethereum network, ETH 2.0 deposit contract has grown significantly with over 2 million ETH. This upgrade involves a shift in Ethereum's mining model proof-of-work to a proof-of-stake model plus improving the network's security and scalability.
The Beacon Chain which is known as the spine that supports the whole of the new Ethereum 2.0 system helps keep Ethereum 2 safe and secure. The contract, however, can only be unblocked after the PoS transition which is postponed to the latter half of the year.
The Eth2 deposit contract on the Beacon Chain was initially launched in November 2020 and currently holds around 10% of the total circulating supply of Ethereum. It reached a balance of 12 million ETH on Friday, making the total locked value of Ether $34.5 billion in this contract.
This basically means you need at least a minimum of 32 ETH to become a validator in Eth2. The Ethereum core team has operated Beacon Chain since Dec 1, 2020 and the ETH devs started the community testing of the PoS network in December. Over the past year, the contract has shown several delays and yet its release date is still under a shadow of doubt. The development team is bringing about solutions such as Optimistic Rollups, a technology that will make smart contracts used by products and dApps more scalably.
Ethereum’s move to PoS has generated varied sentiments including the ETH price rising up to 43% in three weeks. Ethereum is currently capable of processing about 15 transactions per second which will rise up to 100,000 transactions per second with the application of this contract. Ethereum’s next generation Layer 2 networks are also pumping, with their total value locked hitting $7B several days. With all the above, the demand and trust in the future Eth2 is facing a daily enormous rebound, keeping the public eyes gazed at The Merge.