Ethereum 2.0 Deposit Contract Already Has More Than 5 Million ETH

Reading Time: < 1 minute

The amount of Ethereum stored in the Ethereum 2.0 deposit contract has just passed the 5 million ETH barrier, according to data provided by The Block.

In particular, the contract has 5.2 million ETH valued at around $13.6 billion at the current exchange rate.

Notably, the main change brought by the upgrade to Ethereum 2.0 is the change in the protocol’s consensus algorithm from the current proof-of-work to proof-of-stake. As a result, the crypto network will no longer rely on miners to process transactions. Once the protocol is upgraded, it will only be necessary to hold at least 32 ETH to process transactions, without the need to make use of mining devices to process transactions.

The deposit contract that already holds more than 5 million ETH is the contract to which users who wish to become validators must send their ETH.

Validators can earn rewards of up to 23%, however, these can only be withdrawn once the protocol is upgraded to phase 1.5, which should happen next year.