Bullish price activity has tipped the total value of ETH locked into Ethereum 2.0 past $2.4 billion. Find out what other network metrics have been impacted by ether’s latest price gains.
It’s safe to say that 2021 is off to a great start for Ethereum.
Since ringing in the new year on January 1, the price of ether (ETH), the native cryptocurrency of the network, has appreciated 48% and surpassed the threshold of $1,150 for the first time since January 2018.
On Ethereum 2.0, a higher ETH price means higher earnings for validators. However, it also means a higher barrier to entry for users wanting to become new participants of the network through purchasing and depositing 32 ETH.
While rewards earned by Ethereum 2.0 validators have stabilized over the last two weeks to around 0.008 ETH/day, the market value of these earnings has continued to rise from roughly $5 to now $8/day. Bullish price activity has also tipped the total value of ETH locked into the network past $2.4 billion as of Jan. 5, 2021.
As of last Wednesday, Dec. 30, over 1,000 new validators have locked funds into the Eth 2.0 deposit contract, all of which will begin earning rewards in a few weeks time. The validator queue is currently at 17,425 meaning anyone that joins Eth 2.0 now by staking 32 ETH (worth roughly $32,646 at time of writing) will have to wait up to 20 days before they’re able to