According to the on-chain analysis of Glassnode It was found that the total value of deposits in Ethereum 2.0 deposit contracts has reached a new high of 8.8 million ETH.
Ethereum 2.0 is the next version of the Ethereum network, the main goal of the update is to change the protocol. proof-of-work (PoW) to proof-of-stake (PoS), instead of having miners verify transactions It will switch over to the validators who will be taking on the same role.
The rewards previously received by miners will be sent to Ethereum validators. It is more “environmentally friendly” by reducing the energy required to generate new coins.
Why are people investing more in deposit contracts?
The increase in the amount invested in the contract is related to the market performance of Ethereum, so we may still see an increase in investment rates during the asset correction. This could be explained by the investor’s intent to preserve capital and mitigate losses by earning interest on staking.
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