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Friday, June 18, 2021

Ethereum 2.0 Reaches Record Deposits In May

In quite a historic event, the first node of Ethereum was launched into the deepest recesses of outer space last Thursday. This will be a part of the initiative which would help enhance security to its blockchain transactions.

As an addition, the network of Ether 2.0 did receive quite a record-breaking number of deposits in May- which indicates a much called for increased interest for the investment in the company’s plans to reduce the consumption of energy in its blockchain transactions- which will be made possible through the proof-of-stake consensus protocol. 

Pulse check: Deposits on Ethereum hit a record high

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The previous month saw the number of deposits spinning up the validators of the newest node of Ethereum- which increased by around 246% to its record-breaking number of 26,681. As far as reports from Tuesday go, there have been more than 160,000 active validators that have been operating on the newest node, coupled with the 6,700 pending validators that are queued for entry. 

Now, the number of the deposit has grown quite a bit from its previous Eth total on the staked network. In order for an investor to be a registered validator of the Eth 2.0 node, the user needs to have a stake as minimum as 32 ETH- which has a rough worth of $81,000. 

In terms of dollars, the total Ethereum stake has gone above the value of $12 billion since its beginning in May to around $13 billion this Tuesday. The deposits currently represent close to 4.6% of the circulating supply of Ether, which is indicative of the vast majority that has been earmarked for other purposes that go beyond staking. These include market speculation, trading, lending, and decentralized application.  

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