Total amount of ETH deposited in 2.0 contract has topped 13 million ETH
According to Glassnode, the total amount of ETH deposited in the 2.0 contract has topped 13 million ETH, or 10.9% of the total supply. Of this, Lido held 4.13 million ETH, or more than 31.8% of the overall stake, and Coinbase, Kraken and Binance collectively held nearly 3.5 million ETH, or about 27% of the total stake.
Total $ETH deposited in the 2.0 contract has now surpassed 13M $ETH, which is 10.9% of circulating supply.
Lido accounts for 4.137M $ETH, commanding over 31.8% of the total stake.
By comparison, Coinbase, Kraken, and Binance combined account for 3.505M $ETH, 27% of the total. pic.twitter.com/krbxtQS9g0
— glassnode (@glassnode) July 9, 2022
To become a validator on Ethereum’s Beacon Chain, which went live in December 2020, investors needed to deposit 32 ETH into an Ethereum 2.0 contract with no set withdrawal date.
Lido allows users to stake ETH using automatic, self-executing financial contracts and to receive yields in stETH, which can eventually be exchanged 1:1 for Ethereum, but is not possible until after the Merge.
With a total value locked (TVL) of $5.05 billion, Lido is currently Ethereum’s fourth largest DeFi protocol, according to DefiLlama data. In terms of depositors, the platform accounts for the majority with 4.137 million ETH, or 31.8% of the total staked on the Beacon Chain.
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In the past week, Ethereum’s Sepolia testnet successfully merged its proof-of-work (PoW) chain with its proof-of-stake (PoS) chain, becoming the second of three public testnets to “merge,” thus bringing the much-anticipated Ethereum 2.0 upgrade one step closer.
Following the 75% drop in the price of ETH from its ATH, the majority of stakers are “now firmly underwater,” according to on-chain analytics company Glassnode. A total of 8.02 million, or 62% of the total staked, were deposited before ETH’s record high of $4,867.
Ethereum fees drop to multiyear lows
? #Ethereum‘s fees are down to an average of just $0.88 per transaction, due to prices down 75% since the November #AllTimeHigh and utility dramatically falling as a result. July, 2020 was the last time we saw $ETH average fees below the $0.90 threshold. https://t.co/1sKGht0bb4 pic.twitter.com/z1MxTSngJh
— Santiment (@santimentfeed) July 10, 2022
For the first time in two years, according to on-chain analytics company Santiment, Ethereum’s average transaction costs have fallen below the $0.90 threshold.
At the time of writing, the price of Ethereum is $1,185, down 2.88% from yesterday and down 75% from its all-time highs.