The Ethereum network just hit a new staking milestone. On August 17, the Ethereum 2.0 staking contract surpassed Wrapped Ethereum as the single largest holder of Ethereum.
The Eth2 deposit contract currently holds approximately 7.14 million Ethereum tokens, worth over $23 billion at the time of writing, according to statistics from Ethereumscan.
This is approximately 6.1 percent of all Ethereum coins in circulation, indicating that Ethereum’s staking rate is above 6%.
The Wrapped Ethereum deposit contract is in second place, with 6.97 million tokens or 5.94 percent of all Ethereum in its possession. According to data from Beaconcha.in, the Ethereum network now has 217,354 validators.
Even though staking on the Ethereum network is still in its early stages, Ether staking has already achieved milestones and is climbing the ranks.
All Ether presently placed in the Eth2 deposit contract is locked and may only be withdrawn after the Beacon Chain merges with the main Ethereum network, marking the end of the network’s transition to a PoS consensus process.
This staking milestone for Ethereum comes on the heels of the London hard fork, a key event in the blockchain’s development.
The London update, which included the widely anticipated Ethereum Improvement Proposal (EIP) 1559 as well as four additional EIPs, went live on the network on August 5.