With the long-anticipated Merge right behind the corner, the number of ETH locked for staking has tapped a new ATH.
Ethereum sent to the ETH 2.0 staking contract continues to gradually increase, despite the asset’s price movements.
This comes just a month or so before the Merge is supposed to take place, according to the development team.
- As data from Dune Analytics shows, the number of ETH sent to the staking contract has exceeded 13.2 million, while the unique depositors are just under 80,000.
- The graph below demonstrates the gradual increase of ETH locked in the staking contract and that it has tapped a new all-time high in terms of ether.
- The USD value had skyrocketed to just shy of $24 billion, which is far from the peak reached last year when ETH stood close to $5,000.
- The impressive numbers come as the team behind Ethereum continues to update on the developments regarding the transition from PoW to PoS.
- Known as the Merge, it’s arguably the most anticipated event in the cryptocurrency industry this year.
- It’s supposed to make Ethereum less energy intensive and enhance the network’s robustness, among other benefits.
- Many prominent crypto insiders believe it will have a profound effect on ETH’s price. Arthur Hayes recently asserted that it could boost the asset’s USD valuation in a similar fashion as BTC’s halving.
- Mark Cuban, on the other hand, warned that the Merge could be a “sell-the-news” event at first but believes that it’s a positive transition overall.
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