More than $26 billion worth of Ethereum tokens have been locked in the ETH2 smart contract.
Ethereum is the second biggest cryptocurrency of the crypto industry after Bitcoin. Just like Bitcoin, Ethereum is currently operating its blockchain operations on Proof-of-work Consensus, which is inefficient over the latest modern blockchain Consensus. In the present time, developers behind Ethereum blockchain are working to shift the Ethereum blockchain from Proof-of-work to Proof-of-stake consensus.
The deposit smart contract on Beacon chain completed a 10 million Ethereum deposit, to give staking features to the Ethereum holders in advance.
So overall a total of $26 Billion worth of Ethereum coins has been locked in the Ethereum2.0 smart contract.
Beacon chain is currently the main chain for Ethereum blockchain’s future Proof-of-stake consensus blockchain. At present, developers are working to shift the Ethereum token from the Ethereum blockchain to the beacon chain. Beacon chain is collecting ETH deposits to allow the staking features for the Ethereum holders in advance.
Right now the majority of the flagship crypto exchanges like Coinbase, Binance, etc are giving this feature to allow the users to stake their free Ethereum coins, at the condition to unlock the ETH tokens after the completion of the shift of Ethereum from pow to pos Consensus.
Don’t confuse with ETH2.0
In the very starting, when a proposal was introduced to shift Ethereum from Proof-of-work to Proof-of-stake consensus, the Ethereum foundation named ETH2 as the new form of Ethereum on POS consensus.
But later Ethereum foundation said that Eth2 is just the second phase/part of the new development work to merge the main Ethereum. Alternatively, we can say that the Ethereum foundation eliminated the incidents that were probable to take place with the name ETH and ETH2 in advance.
In the future no one will be able to use ETH2 as a new Ethereum coin, instead, people will call the existing Ethereum a new technology-based Ethereum.
Read also: Final Merger of Ethereum testnet is ready
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