ETH 2.0 Deposit Contract Surpasses 9M worth $30B

The Ethereum 2.0 deposit contract now contains over 9 million ETH, which is worth $30 billion at current prices. This is the last phase before the release of the Ethereum 2.0 Mainnet in 2020.

Ethereum 2.0 is a major upgrade to the Ethereum network that will be released in 2020. The main goal of this upgrade is to provide scalability and security for the network by reducing fees, increasing throughput, and improving decentralization through sharding technology.

Ethereum 2.0 will also introduce new features such as state channels and generalized state channels for off-chain transactions, Casper FFG for proof-of-stake consensus with economic finality, Plasma Cash for scalable token transfers on layer 1, and sharding for layer 2 scaling solutions.

The deposit contract gives ETH holders the means to support the network upgrade by transferring funds from the Ethereum proof-of-work (PoW) to Beacon Chain, a parallel-running proof-of-stake version of the blockchain.

The Beacon Chain has been in operation since it launched on 1st December 2020. And it’s being run by the Ethereum core team alongside PoW mainnet that currently hosts all Ethereum decentralized applications (DApps).

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