Ethereum Beacon Chain Witnesses Over 18 Million ETH Pledged Worth US $30 Billion
On February 28, according to the data on the official website of Ethereum, the current pledge amount of Ethereum beacon chain has exceeded 18 million ETHs, rea…
On February 28, according to the data on the official website of Ethereum, the current pledge amount of Ethereum beacon chain has exceeded 18 million ETHs, reaching 18010643 so far, and the total number of verifiers is 529670. According to the current ETH price, the total value of the pledge of the Ethereum beacon chain is close to US $30 billion.
Data: The pledge amount of Ethereum beacon chain exceeded 18 million ETHs
Interpret the above information:
On February 28, the official website of Ethereum reported that the current pledge amount of Ethereum beacon chain has exceeded 18 million ETHs. This huge milestone has been achieved with the contribution of 529,670 verifiers. The total value of the pledge is close to a whopping US $30 billion as per the current ETH price.
Ethereum, dubbed as the pioneer of decentralised applications, has been making great strides in the cryptocurrency market. Ethereum Beacon Chain is one of the newest technological innovations introduced by the Ethereum ecosystem. The beacon chain is a proof-of-stake consensus mechanism that serves as the backbone of Ethereum 2.0. It aims to enhance the scalability, efficiency and security of the network. The mechanism replaces the current proof-of-work system in which miners are rewarded for solving complex mathematical problems with a proof-of-stake system in which validators are rewarded for validating transactions or blocks by staking ether. Beacon chain paves the way for the future of the Ethereum network.
The staggering number of pledged ETH gives a glimpse of the confidence shown by Ethereum supporters in the beacon chain mechanism. It is worth noting that the number of validators has increased by almost three times since the launch of the mechanism last year in December. This exponential growth in such a short time indicates that more people are becoming aware of the importance of decentralisation and are showing interest in the mechanism. With such participation, the network will be able to achieve a high level of security.
The value of the pledged ETH reaching US $30 billion is not only a remarkable achievement for the Ethereum ecosystem but also a huge milestone for the cryptocurrency and blockchain industry as a whole. It is expected that the introduction of Ethereum 2.0 will further enhance the network’s scalability, efficiency and security.
In conclusion, the Ethereum beacon chain is witnessing remarkable growth with the number of pledged ETH reaching over 18 million and the total value of the pledge reaching close to US $30 billion. The growth of the network’s validators is a reflection of the community’s trust in the mechanism’s ability to transform the future of the Ethereum ecosystem.
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