Ethereum’s ‘Consensus Layer’ Contract Hits 10M ETH Bet

Quantitative analysis performed on the popular blockchain site Etherscan, indicates that 184,441 transactions have accounted for 10.2 million ETH wagered in the Eth2 (consensus layer) deposit contract since its inception on Nov. 4 last year. This figure equates to over $26 billion based on current Ethereum prices.

Mathematical calculations suggest that the milestone was crossed during: block 14348729 on the evening of March 8, identified by mainstream cryptocurrency publications and community advocates in the past few hours.

In late January of this year, the Ethereum Foundation released a change in the network’s terminology, with the first proof-of-work blockchain, or Eth1, now referring to the execution layer, and the forthcoming proof-of-stake blockchain, or Eth2. , now known as the consensus layer.

To participate, each user must deposit and wager 32ETH on the official Ethereum Launchpad to gain validation status on the network. At the time of writing, the number stands at about $83,252.

Evolution to the consensus layer is being observed as a highly anticipated event across numerous provinces of the crypto landscape – from decentralized finance, or DeFi, protocols and non-replaceable token, or NFT, projects and marketplaces, to ETH asset holders – due to its reliance on Ethereum’s blockchain. for a large number of on-chain engagements.

Related: Ethereum 2.0 Nears The Milestone Of 6 Million ETH Spent

In January of this year, Ethereum’s hashrate metric hit an all-time high of 1.11 PH/s, a prime indication of higher node adoption, and due to geographic factors, greater network decentralization in the aftermath. of the Arrow Glacier upgrade.

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