Ethereum’s network upgrade, ETH 2.0, has recently pushed past the 3 million Ether mark. This was dune under its deposit contract, where the ETH community as a whole gave their support to ETH 2.0. With the most recent price jump of the ETH cryptocurrency, there’s a total of $5.4 billion in Ether locked under the ETH 2.0 network upgrade.
Massive Growth For ETH
It was back in December of 2020 when Ethereum 2.0 started its journey through the launch of the Beacon Chain network. Within the first week of its existence, the deposit contract for ETH 2.0 crossed the 100 million Ether mark. The Ethereum network at large is taking considerable efforts in its path towards shifting its network from a proof-of-work system to that of a proof-of-stake system.
Since the start of 2021, Ethereum has seen its price skyrocket by 150%. As a result, Ether managed to trade at a new all-time high of $1,870 on the 13th of February, 2021. This, in turn, caused the network to see its market cap skyrocket to above the $210 billion mark. At the time of writing, Ethereum is being traded at the $1,780 range, showing that the thing is growing even now.
Mainstream Parties Now Very Interested
One of the biggest wins for Ethereum was the launch of Ethereum Futures Contracts done by CME Group. The Group itself had reported that 388 ETH contracts were traded, boasting a first-day trading volume of $33.6 million. The on-chain network activity for Ethereum has also seen a spectacular rise in activity, and the network is now settling for more value than its Bitcoin counterparts.
It was already reported earlier that weekly Ethereum-related crypto flows saw a spectacular rise. Almost 80% of all the crypto inflows for February of 2021’s first week had consisted of Ethereum. The world’s number two cryptocurrency saw a spike in institutional demand, as well, ever since the launch of ETH 2.0. Grayscale boasts a total of 3.13 million ETH under management, boasting $5.67 billion in total value. Micheal Sonneshein stands as the CEO of Grayscale, and stated that Ethereum-related investment products are seeing a large increase in interest.
Massive Problems Plaguing ETH
Ethereum 2.0 had already received its strong support by way of the crypto community. Many staking participants are holding out hope that ETH2.0 will serve as an improvement to the network as it stands now, primarily when it comes to transaction fees. ETH has been an issue for some time now, and this new network upgrade might very well be what’s needed in order to address the transaction fee problem, as well as the transaction time issues.