Ethereum Validators Stake Over $22B Tokens on Beacon Chain

/crypto

SubhaMagic

2 years ago

The Beacon Chain staking contract now holds over 16 million ETH tokens.

Lido, Coinbase, Kraken, and Binance jointly control over 55% of all staked ETH.

Bitcoin crossed $18k value, the first since November 9.

Ethereum (ETH), the second-largest blockchain by market value, has reached a significant milestone nearly six months after transitioning to a proof-of-stake network. According to data from Etherscan, the Ethereum Beacon Chain staking contract now holds more than 16 million units of ETH tokens.

The Ethereum staking contract went live in 2020 when the network introduced the Beacon Chain. The 16 million staked ETH token is equivalent to over $22 billion, representing more than 13% of the coin’s market cap.

Notably, people who invest funds in the Beacon Chain are called validators. They do so in exchange for the opportunity to authenticate ETH transactions to the blockchain, earning transaction fees. According to on-chain data from Nansen, the four major Ethereum validators are Lido, Coinbase, Kraken, and Binance, which jointly control over 55% of all staked ETH.

The price of ETH broke the $1,400 price point after seeing a 5% increase over the previous 24 hours. Crypto enthusiasts traded over $9 billion worth of ether tokens, putting its cumulative seven-day growth at 12%.

Similarly, Bitcoin (BTC) crossed $18k value, the first since November 9, 2022, after the former second-largest crypto exchange collapsed. BTC’s seven-day cumulative performance stands at 8%, with a 48% increase in 24-hours trading volume.

Recently, popular analysts in the crypto industry argued that the bear market was concluding and that the bulls could be ready any time soon, advising the community to take advantage of the current low prices.

Cardano (ADA) performed best of the top ten cryptocurrencies after gaining over 22% over the previous week, trading at $0.3229.

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