ETH 2.0 staking has breached 200,000 validators, with over 6.6 million in ETH currently being staked, totaling over $14 billion.
ETH 2.0 staking continues to see an increase in the number of validators being added to the staking platform. In just under four weeks, validators have climbed from roughly 180,000, to 200,121 validators at present. The addition of over 20,000 new validators has seen the amount of ETH staked also continue to surge.
As previously reported one month ago, the staking platform for ETH 2.0 held 5.91 million ETH, or $12.7 billion at the time of writing. Currently, the staking platform now holds 6.6 million ETH, or $14 billion in value.
ETH adoption continues
The popularity of ETH continues to see adoption across the industry. Most recently, the ETH 2.0 chain merge proposal was approved. The move formally initiates the process of upgrading the ETH network from its current proof-of-work chain to the highly anticipated proof-of-stake consensus mechanism.
With the ETH London fork scheduled for Aug. 4 deployment, the highly anticipated EIP-1559 will burn gas fees after changing the current auction mechanism. The inclusion of a base fee for transactions will be included in the next block. This will allow users who want to prioritize their transactions to add a ‘tip’ in order to speed up the transactions.
Furthermore, upgrades including the full proof-of-stake rollout next year is set to introduce a deflationary effect on the ETH supply.
Buterin wants more utility for ETH
ETH founder Vitalik Buterin also recently commented on the state of decentralized finance (DeFi) within the ETH eco-system. Buterin was speaking at the EthCC conference in Paris, saying, “The decentralized space just is a bigger delta from centralized finance than it is from centralized other things.” Buterin continued by adding that he would like to see ETH be used for more than just DeFi. Buterin wants ETH to be more of a utility driver, and price should not be a main factor. “Price is nice, but price should only ever come as a consequence of utility,” he stated.
ETH recovers over $2,000
ETH has managed to follow BTC in recovering from this week’s earlier drop. The price dropped to $1,706 before five days of bullish momentum saw the price recover back over $2,000. At the time of writing, ETH is sitting at $2,112.
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