ETH 2.0 Reach Major Milestone; 100,000 Validators + 3 Million in Staked ETH

ETH ready to launch to $2,000 as technical align


ETH 2.0, the new Proof of Stake network reached a major milestone today as the total number of validators on the platform crossed 100,000 with more than $3 million worth of ETH already staked. The upgraded Ethereum network launched the first phase of ETH 2.0 called Beacon Chain in December last year to start the three-phase rollout expected to take 2 years.

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr

ETH 2.0 is said to be the biggest upgrade of the decentralized space as Ethereum being the second-largest crypto asset. The decision to move from Proof-of-work to Proof-of-stake was due to growing scalability issues, especially after the defi boom. The current Ethereum network has faced several connections over the last year resulting in a very high gas fee. The growing transaction cost on ethereum has also made Defi protocols quite expensive to use.

Vitalik Buterin the co-founder of Ethereum believes ETH 2.0 would be as fast and scalable as the centralized payment processing giants such as Mastercard and Visa once fully deployed. The PoS network would introduce sharding that would allow for parallel transaction processing in every block.

ETH 2.0: The Two-Year Roadmap and What to Expect at the End of it

ETH 2.0 promises a truly decentralized network that can compete with modern-day traditional payment processing giants, however, the two-year-long roadmap after years of making seems a long time. The current Ethereum network is suffering dearly as the average transaction cost is going around $10 making many Defi protocols and Dapps barely usable.

The growing scalability issues have also helped other similar blockchain networks to gain popularity in the short term. The likes of Binance Smart Chain and Cardano. Both the networks have registered tremendous on-chain volume at the cost of the Ethereum network. BSC is currently seeing double the volume of Ethereum primary because of its low translation cost and faster speed. Cardano yesterday processed $14 billion worth of trade for a mere 7,400 USD while the Ethereum network processed $13 billion for a whopping $3 million in transaction fee.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Share on Facebook

Share on Twitter

Share on Linkedin

Share on Telegram

Source link


Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings



What do you think?

Wondering which cryptos are on a trajectory to become huge? Check this gem out!

How Crypto Can Upend The Power Of States