According to a recent post by CryptoQuant revealed that more than 100,000 ETH were sent. Worth more than $ 200 million, according to current prices to the Ethereum 2.0 deposit contract. All this in one day.

In fact, with the new stake, the total value of ETH now blocked in the Ethereum 2.0 contract, is currently more than 5% of the total circulating supply of the cryptocurrency.

To recall, earlier this month, according to Dune Analytics data, the Ethereum network witnessed an important milestone. When the total amount of coins wagered on Ethereum 2.0 exceeded 5.2 million ETH. Which marked an important event for the Ethereum community.

Ethereum 2.0 Update

Ethereum 2.0, also known as ETH2, is an update to Ethereum. Which aims to improve the scalability, speed and efficiency of the Ethereum network.

Indeed, the ETH 2.0 update was initiated to address some of the urgent issues of the Ethereum network. For example, scalability and high gas rates.

In this regard, Ethereum co-founder Vitalik Buterin revealed in March that his team is now ready to complete a layer 2 solution. That would make the network 100x scalable in the coming months.

In addition, Ethereum will make a switch from the extremely complex and energy-consuming proof of work (PoW) to the more efficient proof of stake (PoS) consensus algorithm. The switch to a PoS mechanism means that Ethereum 2.0 will become a green Blockchain.

Vitalik Buterin also told the virtual StartmeupHK festival in Hong Kong that:”Proof of stake Ethereum 2.0, is a solution to Bitcoin’s environmental problems, which needs far fewer resources to maintain».

What is the reason for the delays?

As a fun fact, developers want to make sure the network is completely secure before deploying it. Users are looking forward to the announcement of Ethereum 2.0 release dates, as it looks like it will be delayed again because it is not yet ready.

According to Vitalik Buterin, the biggest problem that has caused delays with ETH 2.0 have not been technical problems of any kind. But, it has been the people who have worked on it. The CEO noted that the project is devastated by internal conflicts. Which leads to delays in the completion of the project.

For his part, ConsenSys developer Ben Edgington emphasized: “I think people are getting a little bored with evidence networks. It’s time to move on».

By way of closure, the total amount of ETH wagered before the next Ethereum 2.0 update has grown significantly. And it will likely continue to increase as the release date approaches.

I say goodbye with this phrase of George Henry Borrow: “Every new idea inevitably passes through three phases. First it’s ridiculous, then it’s dangerous, and then… everyone knew it!».