ETH Locked in Eth2 Exceeds $6 Billion, Ethereum Prepping for Migration to PoS
Just when ETH's utility--not a speculative asset, is improving, Proof-of-Stake believers are relentless in pouring their assets to Eth2—a parallel proof-of-stake network. As per Etherscan, there are $6 billion of ETH coins locked in the chain, further leading to ETH scarcity, a net bullish for ETH/USD prices.
The Ethereum price is the home of DeFi and one of the most widely adopted smart contracting networks, leading as a lead minter of NFTs. For its role, ETH is now, more than ever, a utility, not a speculative asset, propping prices. In the long haul, experts are optimistic, saying the coin would reach $10k. At this valuation, ETH would narrow its gap with Bitcoin more so if more companies liquidate their cash holdings for ETH.
Impact on the ETH Price:
Bullish. Ethereum prices may be under pressure, but fundamentals are strong. Over $6 billion are locked in the Eth2 official deposit contract. The development of Gas fees-reducing solutions would further spark ETH demand, thrusting ETH/USD prices even higher.
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