According to an on-chain report, the worth of assets staked over the Ethereum network has now become equal to $600 million. After the launch of “Beacon Chain,” the platform has witnessed an inflow of funds over the network.

One Million ETH Staked in ETH 2.0

As per the data provided by Etherscan, the number of staked Ethereum coins has reached a total of one million. The network saw a record growth after the launch of the first phase of the update.  The people who staked Ethereum coins will get rewards over it after the other phases come out as a part of the staking process. But the company has not yet rolled out a list of rewards’ specifications for stakers.

The latest launch “Beacon Chain” is the first move in changing the consensus of the Ethereum blockchain from proof-of-work to proof-of-stake.  After the implementation of proof-of-stake, the fees of transactions will become low as the speed will increase with more scalability.

At the start, the staking contract received a minimum amount in comparison to the set value. In the first week, it attracted only 50,000 ETH, and out of the total amount, 3,200 ETH came from Vitalik Buterin, the co-founder of the world’s second-largest blockchain. The last date was December 1, and it received an outstanding interest as investors deposited more than the threshold limit of 524,000 ETH. A push from big entities was needed, which happened successfully as a famous lending platform, known as Celsius Network, dedicated up to 25,000 ETH for this purpose. Besides Celsius Network, there were some other prominent firms who helped a lot for ETH 2.0.

As per the analytics revealed by Dune Analytics, the figure of staked funds at the current time is 116%, which is more than the required limit needed for the launch of “Beacon Chain.” What’s more, there nearly 3,028 people who have deposited 32 ETH because it is the minimum limit set to get rewards on staking.

At the onset of the launch, the crypto investors inspired a lot and pumped the price value of Ethereum upward, but they did not become successful in maintaining the value high for a longer period of time. At press time, the second-largest coin by the market is trading at $589 after slumping 3.94% over the last 24-hours. Over the weekly timeframe, it is up 16.80%, which unveils that there are still high bullish sentiments in the cryptocurrency markets.