Total Staked ETH in Ethereum 2.0 has skyrocketed by over $12.764 million, following a stake by 398k unique validators. This is according to a tweet by glassnode, the leading on-chain and financial metrics, charts, data and insights for Bitcoin and digital assets. 

ETH 2.0 Would Replace Proof Of Work System With Proof Of Stake

With ETH 2.0 rumored to take place between August and October 2022, it has been revealed that 10.73% of Ethereum’s circulating supply has already been staked. ETH 2.0 staking was birthed back in November 2020.

In the latest ETH 2.0, Ethereum’s proof of work system would be replaced by the proof of stake system in what is widely known as “The Merge”. While miners make up the validation process of PoW, transactions would be validated by stakers in PoS using nodes.

As of April, The Merge had already passed key testnets and a major shadow fork, and according to ETH core developer, Preston Van Loon and co-founder, Vitalik Buterin, the switch is slated to take place in August, except otherwise.

ETH 2.0, or Eth2, is a network upgrade on the world’s second largest blockchain, Ethereum, which is currently at Eth1, and is called the consensus layer. It consists of three phases; The Beacon Chain, The Merge and Shard Chains. 

Ethereum Price Pumps About 7%

In view of Ethereum’s planned transition to Eth 2.0, Sigma Prime, a blockchain firm, managing the ETH 2.0 consensus client, Lighthouse, in an announcement on May 30, revealed the release of v2.3.0 on GitHub.

The transitioning process raised some uncertainties and led to an ETH value of $1750, about a 10% fall in the price of ETH, on May 25. A slight recovery in the crypto market led to price pump though. 

A pump of about 7% was recorded after the price of ETH rose to hit a high of $1909. Another wave of rally is anticipated as block reorganization on the Beacon Chain is hoped to be fixed by the upgrade. 

The release of v2.3.0 is expected to fix important bugs and also, improve the Ethereum mainnet and already existing, Beacon Chain. The latest upgrade version closes the door to users who wish to downgrade to earlier versions, except on Prater and Mainnet. 

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