Interest to stake in the next iteration of the leading smart contract platform continues to skyrocket as millions of ETH are deposited into the ETH 2.0 smart contract.
A look at the deposit contract shows that Ethereum holders who seek to become validators have collectively locked up 5.2 million ETH worth $13.8 billion.
In the last 24 hours, hundreds of users have deposited 32 ETH to the smart contract, the amount required to activate the validator software.
Ethereum 2.0, the highly-anticipated update of the second-largest crypto asset by market cap, is the scaling solution that will shift the network over from a proof of work (PoW) to a proof of stake (POS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second (TPS) via second-layer solutions.
As Ethereum transitions to POS, users are allowed to stake their ETH and become validators to get rewards for storing data, processing transactions, and adding new blocks to the blockchain.
Data from Ethereum tracking platform Dune Analytics show that the contract is 995.60% above the 524,000 threshold. The numbers also reveal that 27,130 of the total 108,695 transactions to date came from unique depositors.
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