1 Million ETH Got Locked In Ethereum 2.0: Report

Approximately $600 million or 1 Million ETH got locked in Ethereum 2.0 just days after the beacon chain launch. In today’s Ethereum latest news, we read more about it.

1 million ETH got staked on Ethereum 2.
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0 four days after the protocol launched its beacon chain upgrade, according to the on-chain explorer service Etherscan. The amount is now worth about $600 million and will reward the stakers in the future when other phases are launched and staked amounts get open for withdrawals. However, the annual yields on these staked funds remain unspecified and the locked up ETH will be a part of the multiphase move to the proof of stake protocol. This shift will allow Ethereum to become a faster, low fee, and scalable blockchain.

Eth2 has received its millionth ETH! 🚀https://t.co/3HXdJ7Mfv7 pic.twitter.com/IpPMztclRW

— Etherscan.io (@etherscan) December 4, 2020

The awaited staking launch was met with a poor response at first with only 50,000 ETH coming In the first week and 3200 ETH coming from Ethereum’s creator, Vitalik Buterin himself. However, the ETH army piled on the last few days before the December 1 deadline and pushed the deposits in the minimum required 524,000 ETH. This required some help from the whale which is when Celsius Network claimed to fork up to 25,000 ETH to the ETH 2.0 cause along with other large token holders and crypto funds.

The staked funds are 116% higher today than the network required according to the data from Dune analytics. The amount consists of a total of 3,028 depositors who staked a minimum of 32 ETH each. As reported earlier, Ethereum settled above the key $600 resistance level and increased towards $625 with the price consolidating near the $600 support and the 100 hourly simple moving average. There’s a major contracting triangle forming with the resistance at $620 on the hourly charts of the pair with a chance of starting a fresh increase above the $620 level as long as Ethereum stays above 100 hourly SMA. There was a steady increase in Ethereum after it broke the $600 resistance and the price will even break the $610 level while settling above the 100 hourly simple moving average.

The ETH/USD is now rising and approaching the 50 levels with the major support level set at $600, while the major resistance level is set at $620.