Quantitative analysis conducted on the popular blockchain site Etherscan shows that 184,441 transactions were responsible for the 10.2 million ETH invested in the Eth2 deposit contract (consensus level) since its inception on November 4 last year. This figure is equivalent to over $26 billion based on current Ethereum prices.
Mathematical calculations show that the milestone was passed during block 14348729 on the evening of March 8, identified by major cryptocurrency publications and community advocates over the past few hours.
In late January of this year, the Ethereum Foundation published a change in network terminology, with the original proof-of-work blockchain, or Eth1, now referred to as the execution layer, and the upcoming proof-of-stake blockchain, or Eth2, now known as the consensus layer.
To participate, each user must make a deposit and stake 32ETH on the official Ethereum launchpad to get the verification status on the network. At the time of writing, that figure is roughly $83,252.
The transition to the consensus layer is seen as a welcome development across many areas of the cryptocurrency landscape — from decentralized finance, or DeFi, protocols and non-fungible tokens, or NFTs, projects and marketplaces, to ETH asset holders — due to the reliance on the Ethereum blockchain for multiple network interactions.
Related: Ethereum 2.0 approaches 6 million ETH
Eth2 staking contract just hit $10,000,000 ETH https://t.co/0qke0XBaCB — Ryan Carson (@ryancarson) March 10, 2022
In January of this year, Ethereum’s hash rate reached an all-time high of 1.11 PH/s, which is the main indicator of increased node usage and, by geography, more decentralized network after the Arrow Glacier update.