Ethereum deposited in quota contracts reaches its highest level in anticipation of the upcoming merger upgrade in September
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Answer Ethereum deposited in quota contracts reaches its highest level in anticipation of the upcoming merger upgrade in September
Investors continue to send Ethereum into “staking ETH 2.0” contracts, making the deposited amount gradually increase, despite the currency’s recent fluctuation.
The new record-setting comes just one month before the supposed merger date, previously set by the development team.
Appear data From Dune Analytics, the number of Ethereum sent to stake contracts has exceeded 13.2 million, while the number of depositors is just under 80,000.
The chart below shows the gradual increase in the number of Ethereum staking and it has reached a new all-time high in terms of the number of Ethereum coins.Read:Cryptocurrency market plunges by $50 billion in two days as Bitcoin drops below $23,000
In terms of dollar value, the value of Ethereum deposited in quota contracts rose to nearly $24 billion, a number far from the peak reached by the same index last year when the price of one Ethereum currency approached $5,000.
The impressive numbers come as the team behind Ethereum continues to update developments regarding the transition from PoW mining to PoS sourcing.
Looking forward to the Ethereum upgrade:
The upcoming Ethereum upgrade known as the “merging,” is arguably the most anticipated event in the cryptocurrency industry this year.
It’s supposed to make Ethereum less energy-intensive and boost the network’s strength, among many other benefits.
Many prominent crypto market insiders believe that the upgrade will have a profound impact on the price of Ethereum.
Arthur Hayes recently asserted that an upgrade could boost the value of Ethereum as much as a mining reward split for Bitcoin.Read:Report: Ransomware grabs $81 million in crypto since early 2021
While Mark Cuban cautioned that the merger upgrade could be a news-selling event initially, he believes that the price of Ethereum will see an overall positive turnaround later.
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