Almost 2 Million ETH Staked on Testnet Ahead of Ethereum 2.0

Data from testnet blockchain explorer beaconcha.in, shows more than 60,000 validator hubs have been enacted on the ETH 2.0 Medalla testnet, where they have altogether marked almost 2 million testnet ETH.

ETH Staking Frenzy ahead of the Upgrade

The Ethereum Beacon Chain works towards maintaining a set of nodes as block validators, including managing the withdrawal process of a validator making its exit from the system.

Data on the Beacon Chain explorer shows that as of Epoch 12,582 / 12,580 on the current slot of 402,655, the number of the active validators on is over 63,292, with the staked amount of Ethereum clocking in at 1,992,595 ETH and an average balance of 31.74 ETH.

For the uninitiated, ETH 2.0 sees the Ethereum protocol shift to a proof of stake consensus design that drastically expands the exchange handling limit of Ethereum, from around 15 every subsequent today to more than 100,000. 

Low throughput on Ethereum has caused exchange charges to soar during ongoing times of weighty use, valuing out numerous clients reluctant or unfit to pay $10 or more for every connection. 

But testnet results have been highly promising. Data from testnet blockchain explorer beaconcha.in, shows more than 60,000 validator hubs have been enacted on the ETH 2.0 Medalla testnet, where they have altogether marked almost 2 million testnet ETH.

Wallets Holding Upwards of 32 ETH is at ATH

Ethereum’s upcoming ETH 2.0 Serenity update is the protocol’s much-awaited move to a PoS consensus algorithm. While for technologists, the move means a better, more secure, and faster network that allows for scalable dApp development, investors have reasons to rejoice as they enjoy rewards in turn for locking up ETH capital. 

Data from Arcane Research, a crypto research firm, shows wallets holding 32 ETH or more have hit an all-time high. The number is the minimum amount of ether needed to run a validator node on the upcoming network upgrade. 

Reports suggest investors expect up to 9 percent of ETH-accrued “interest” on their initial staked capital. So far, the launch date for Serenity has not been released. Some rumors put it at a July launch, a point which Ethereum co-founder Vitalik Buterin shot down over Twitter. 

At press time, upwards of 120,000 wallets hold above 32 ETH. Such nodes that will replace the miners, such as Bitmain or AntPool, to validate transactions and maintain the Ethereum blockchain.