Nearly 6 million ETH is currently staked on the ETH 2.0 network. Data specifically showed that 5.922 million ETH is staked on the network, totaling $12.7 billion.
The total ETH staked on the network has increased significantly over the last six months. In late December, the value of Ethereum staked on the ETH 2.0 network was $1.1 billion. At the time, this amount was 1.6% of Ethereum’s supply. Now, the current $12.7 billion worth of Ether staked on the network is about 5% of the supply.
The staked amount grew after a decline in gas fees on the network. The dip in gas fees also fueled the recent crash in Ethereum’s value. Earlier in the week, an average transaction fell to $0.15.
Meanwhile, expectations are high for the launch of the London hard fork, which is now live on the Ropsten testnet. The EIP-1559 upgrade is positioned to address gas fees on the Ethereum network.
ETH saw a huge correction from its all-time yearly high. After hitting $4,300, the cryptocurrency plunged down to $1,700. At press time, however, ETH is trading at $2,121. Also, its market cap has lost 5% in the last 24 hours and more than 19% in its 24-hour trading volume.
Image Credits: Pixabay
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