ETH 2.0 Staking Deposits Inches Closer to $4 Billion as Ethereum’s Berlin Activation Nears
2.7 million ETH tokens have been deposited into ETH 2.0 staking services. This follows the release of Ethereum upgrade Berlin by developers.
The Ethereum 2.0 blockchain is thriving and setting new milestones, particularly with its staking service notching more assets locked.
New data from Dune Analytics has confirmed that over 2.7 million ETH tokens have been sent as deposits to ETH 2.0 staking, with a value of just under $4 billion.
No Stopping the Staking Surge
The milestone is significant, considering that Ethereum 2.0 only went live a little over a month ago. The overhaul, which aims to transition the Ethereum blockchain from proof-of-work (PoW) to a proof-of-stake consensus (PoS), has been long anticipated, thanks in part to the structural and performance updates that it could bring.
Almost two months from its launch, investor sentiment about Ethereum 2.0 continues to grow strong. Per data from Staking Rewards, ETH 2.0 ranks fourth on the ranking of blockchains by staked funds. It trails Avalanche, Cardano, and Polkadot, in funds locked up.
Exchanges offering ETH 2.0 staking have also seen significant gains in deposits. As of last month, Kraken had announced that over 100,000 ETH had been deposited into staking accounts for Ethereum 2.0. at the time, the assets were worth $60 million. Last week, industry news sources confirmed that the assets deposited on the exchange's staking service had crossed the billion-dollar mark.
For now, it is expected that more users will continue to deposit funds into the ETH 2.0 staking service. Several exchanges have announced the launch of ETH 2.0 staking – including Coinbase and Binance. Third-party platforms like Fireblocks have also jumped on the train, offering staking services for ETH 2.0 and other altcoins.
The Fireblocks's integration aims to allow institutional crypto investors to enjoy staking's benefits. With institutional investment expected to surge in 2021, their entry into the staking space will be a boom for sure.
Ether's Going Up, Berlin Activation
Success with its staking, as well as growth in the decentralized finance (DeFi) space, are pushing Ether to new heights. Yesterday, the second most valuable cryptocurrency notched a new all-time high of $1,435 – surpassing its previous high of $1,428. Glassnode also reported that open interest on Ether futures was at record levels, crossing $4.5 billion.
The new all-time high came following a strong 15 percent gain on Ether in 24 hours. It also brought its year-to-date gains to 100 percent.
Amidst the euphoria of Ether's bull run, top developer James Hancock released the draft update of the next Ethereum upgrade dubbed Berlin. Berlin is a hardfork from the Ethereum 1.0 blockchain that promises a series of improvements pending the release of Ethereum's 2.0.
The draft contains five Ethereum Improvement Proposals (EIPs) and a readiness checklist showing the proposals that have been merged into participating clients.