Followingย the long-anticipated upgrade that has allowed validators to withdraw their staked cryptoย tokens, the Ethereumย (ETH) network has recently surpassed a major milestone in deposit contract balance thanks to the soaring interest in staking.
Nonetheless, users have deposited greaterย than 4.4 Million Ethereumย (ETH) since April 12, surpassing $40 Billion in deposit contract balance following the Shanghai upgrade, reportsย by the data shared by digitalย currency analytics platform CryptoRank on May 23.
As the chart demonstrates, the Ethereumย (ETH) deposit contract balance on May 23 stood at 22.6 Million Ethereumย (ETH) or $41.1 billion, demonstrating a sharp move upward since the introduction of the critical feature that was not included during Ethereumโs transition to the proof-of-stake (PoS) consensus after the Merge upgrade.
Record-breaking returns
Earlier, Finbold informed on the record-high staking returns on the second- largest cryptocurrency investment by marketย cap, as its staking annualized price of return, or the interest price for running an Ethereumย (ETH) validator, stood at 8.76 percent as of May 15 (8.66 percent by press time).
Since the implementation of unstaking on the Ethereumย (ETH) network, investors have deposited 4.68 Million Ethereumย (ETH) into Ethereumย (ETH) 2.0 contracts, whereas they have withdrawn 2.83 Million Ethereumย (ETH), reportsย by theย pastย few information retrieved from the analytics platform Cryptoย Token Unlocks.
Ethereumย (ETH) price analysis
Meanwhile,ย Ethereumย (ETH) was atย theย timeย ofย publication changing hands at the price of $1,817, recording a decrease of 2.08 percent in theย previousย day but a 0.56 percent gain across the previous 7 days as it tries to come back from the 1.30 percent fall inย theย previous 30ย days, as per data on May 24.
Earlier, Ethereumย (ETH) looked to be gearing up for a rally to $2,000 after breaking over the critical $1,825 area, which cryptocurrencyย market analyst Michaรซl van de Poppe stated the digital investment had to hold for a positiveย tendency toย continue. Atย thisย time, onย theย otherย hand, Ethereumย (ETH) is back below this level.
Disclaimer: The content on this site should not be considered financing advice. Investing is speculative. Andย once investing, your financialย resources is at risk.
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