As a major milestone of its network upgrade, Ethereum has received over 5 million Ether (ETH) staked in its deposit contract.
Under the proof-of-stake (PoS) consensus mechanism of Ethereum 2.0, anyone who is willing to stake 32 ETH will become validators. They get rewards for storing data, processing transactions, and adding new blocks to the blockchain.
The amount of ether (ETH) in the Ethereum 2.0 staking contract has broken above the 5 million mark, reaching 5.2 million ETH, according to The Block’s Data Dashboard.
At the time of writing (3 JUN, 10:17AM, HKT), ETH is now trading at $2,681, thus the current amount is worth $13.9 billion.
Since the launch of the Beacon Chain last December, the shift from a proof-of-work (PoW) consensus mechanism to a proof-of-stake one is part of the major Ethereum 2.0 upgrade.
According to the Ethereum 2.0 Beacon Chain explorer Beaconcha.in, there are currently 152,000 validators (as opposed to miners) processing blocks on the PoS network.
Statistics from Etherscan also show that the largest exchange staking on Ethereum 2.0 is Kraken, with control of about 14% of ETH deposits. The second-largest exchange in control of 10% of total deposits is Binance.
Standard Chartered Joins Crypto Rush
Staking is becoming an increasingly lucrative service for cryptocurrency exchanges to run. For example, Coinbase is investing in its staking services with its recent acquisition of staking startup Bison Trails.
“In every case, staking provided better returns than simply holding the asset: Stakers earned an additional yield of between roughly 4% and 34% in one quarter,” Staking-as-a-service platform Staked told CoinDesk.
Amid the low interest rates in the traditional finance industry, cryptocurrencies could be a strong alternative that investors and institutions turn to for higher returns. UK bank Standard Chartered will launch a crypto exchange and brokerage joint venture, targeting institutional and corporate clients.
The new JV unit, SC Ventures, will establish the services in the UK and Europe along with BC Technology Group, which runs Hong Kong-licensed crypto exchange OSL.
The move by StanChart comes shortly after rival HSBC said it wouldn’t offer clients access to cryptocurrencies.
“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class,” Alex Manson of SC Ventures told Reuters.
SC Ventures will be based in the UK and is aimed at giving clients access to deep pools of liquidity in Bitcoin, Ethereum and other crypto assets.
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