Ethereum 2.0 Approaching Major Milestone of 6 Million Staked Ether (ETH)

The Ethereum Launchpad, the portal of Ethereum 2.0 for validators to stake their cryptos, shows that around 5.9 million Ether (worth US$12.29 billion in market exchange value) was staked as Ethereum 2.0 approaches a major milestone. It also showed that around 180,000 validators are powering the Ethereum blockchain.

Ethereum 2.0 est en ligne - CryptoNewsHaiti

This makes the average slightly above the minimum 32 staked Ether (ETH) needed for activating the validating software and at the same time becoming the Ethereum network’s validating node. It means, at the time of publication, US$66,560 investment is required for participating as a validator on the Ethereum network at the average ETH price (at cryptocurrency exchanges).

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The validators are defined by the Ethereum Foundation as entities “responsible for storing data, processing transactions, and adding new blocks to the blockchain.”

The Foundation needed a minimum of 524,288 ETH for staking just before the launch of Ethereum 2.0 in December 2020. In the last 6 months, Ethereum has received 10x more validators than the minimum requirements of the network (decided last year by the Ethereum Foundation).

After reclaiming the US$2,000 level, Ethereum (ETH) has rallied this week and remained over the major support at US$2,080. At press time, it was revolving around US$2,200. Both the traders and investors remain bullish on ETH as they anxiously wait for the London hard fork, scheduled to be held in July 2021.

US$12.29 billion worth of investment (at current market exchange value) has been locked away in deposit by 180,000 validators for powering the blockchain. In the Ethereum network, this qualifies them as good-faith participants. These validators have a stake in following the rules as well as the malicious software/behavior off the Ethereum network.

If a validator doesn’t follow the network protocol, fails to validate, or goes offline, he/she risks losing his/her staked Ether (ETH). On the other hand, the validators who process requests from users and help the ETH network follow all the rules and achieve consensus, earn rewards. These rewards are credited to these validators on the blockchain.

Ethereum Foundation Distributed $2 Million To Ethereum 2.0 Developers

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