Ethereum 2.0 Staking Hits New All-Time High Of $5.5 Billion
The news of Ethereum, the second-largest cryptocurrency by market capitalization, launching a new network Ethereum 2.0, was met with several applauses, as everyone had believed that the new network would finally allow it to thrive beyond its great potential. The new network’s reception since the release of its first phase has been phenomenal, as it has improved transaction scalability, speed and positively affect token prices. The latest success recorded by the new network is now that a record three million Ethereum tokens worth about $5.5 billion have now been deposited in it.
Ethereum 2.0 continues to record more success
Ethereum’s position as the leading altcoin is not in doubt, as its token has continued to be the next in line after Bitcoin. Its new network, Serenity, which launched its first phase in December 2020, has been successful as predicted, as the community awaits the release of other phases of the network. According to gathered data, there are currently about 85,000 validators on the new network who are poised to make at least 9% annual profit on stakes since token prices have shot up to ATH recently.
Ethereum boosting the DeFi system and smart contracts have also taken the network to a greater level. The surge in transfer by smart contract has now boosted Ethereum transfer value to up to $20 billion. Apart from its performance this week, the Ethereum token has outperformed Bitcoin since the beginning of the year, when compared side by side.
Another important victory for the new network is that it has boosted the mining of cryptocurrency. The improved mining of the cryptocurrency had also continued to generate record-breaking revenue, like when it generated a record $55 million a day a few days ago. Although gas prices are at a high, that has not derailed the network’s success backing several D’Apps and DEXs.
The future of Ethereum and ETH
The recent success of the network boosting the DeFi space and leading several altcoins cannot be undermined, despite the few challenges. The launch of the new network must now follow up with the other phases to improve the system’s performance. Ether’s future, the token of the network, which has continued to be successful, has been predicted to hinge upon the shoulders of mass institutional adoption of the token.
Analysts have predicted the token to outperform several altcoins this year and rival Bitcoin, with hopes of closing the year on at least $10,000. However, institutional adoption and launching of several phases of the new network will bolster the predictions and hopes of several investors in the altcoin, which has gained at least 15% this week to currently trading at about $1,805 at the time of writing. The general belief of the public is that token and the network continue to live up to its client’s and investors’ expectations, and at this rate, that is possible.