Eth2 Deposit Contract Now Locks $30 Billion
As of September 10, over $30 billion of ETH is locked in the official Eth2 deposit contract on the Beacon Chain.
This is yet but another confirmation that traders and investors are confident of Ethereum prospects. As such, they are willing to back the project, making the parallel staking network one of the most secure Proof-of-Stake platforms. From the crypto cap leaderboard, the Ethereum Beacon Chain could be twice the value of Uniswap, which has a market cap of $14 billion.
Ethereum eventually plans to be a staking network, eliminating miners who developers accuse of being a part of the platform's current Gas problem.
Despite EIP-1559 activation, Gas fees remain prohibitively high, damaging user experience and keeping users away from the platform. This strengthens competitors--the field could get even more cluttered with Cardano set to active smart contracts over the weekend on September 12.
Even so, the increasing and fluctuating amount of ETH locked in Eth2 and the amount of coins burned regularly via EIP-1559 goes in making ETH scarcer. Since ETH's demand is ever rising, this helps pump the coin higher, an opportunity for traders.