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Cryptocurrency : Ethereum 2.0 reaches 100,000 blocked ETH

According to a recent CryptoQuant post it revealed that over 100,000 ETH were sent. For a value of more than $ 200 million, based on 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 locked into the Ethereum 2.0 contract, is currently more than 5% of the cryptocurrency’s total circulating supply.

To recall, earlier this month, according to data from Dune Analytics, the Ethereum network witnessed a major milestone. When the total amount of coins staked 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 upgrade from Ethereum. Which aims to improve the scalability, speed and efficiency of the Ethereum network.

Sure enough, the ETH 2.0 update was kicked off to address some of the pressing issues on the Ethereum network. For example, scalability and high gas rates.

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

Additionally, Ethereum will make a shift from the extremely complex and power-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.

Likewise, Vitalik Buterin said at the StartmeupHK virtual festival in Hong Kong that: “The Ethereum 2.0 proof-of-stake is a solution to the environmental problems of Bitcoin, which needs much less 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 implementing it. Users are looking forward to the announcement of Ethereum 2.0 release dates as it looks like it will be delayed again due to not being ready yet.

According to Vitalik Buterin, the biggest problem causing the delays with ETH 2.0 has 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 ravaged by internal conflicts. Leading to delays in project completion.

For his part, Ben Edgington, the developer of ConsenSys emphasized: “I think people are getting a little bored with testnets. It’s time to keep going forward”.

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

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

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