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Blockchain

Total Value Locked in Ethereum 2.0 Reaches Record-High as Gas Fees Decreased

by Miki 08/23/2021
by Miki 08/23/2021 0 comment

More investment continues trickling in Ethereum 2.0, which has broken the record, as disclosed by Glassnode.

The on-chain metrics provider explained:

“Total value in the ETH 2.0 deposit contract just reached an ATH of $23,121,882,066.04.”

Image

ETH 2.0 went live in December 2020 and sought to transition the current proof-of-work (POW) framework to the proof-of-stake (POS) consensus mechanism. 

Therefore, this deposit contract is deemed a game-changer that will prompt scalability, environmental friendliness, and cost-effectiveness in the Ethereum network. 

ETH has been witnessing various upgrades, which seek to boost the digital asset’s efficiency. The London Hardfork or EIP 1559 upgrade was the latest one to be incorporated, which triggered the first-ever deflationary block on the Ethereum network on August 5. 

Therefore, scarcity was introduced every time as Ether was burnt after being used in transactions. This feature is expected to help and eliminate inflationary tendencies that the network was accustomed to before.

Gas fees plummet

According to crypto analytic firm Santiment:

“The average level of gas fees per transaction has been fading back down. This is a nice sign that traders won’t be stagnant in the circulation of ETH from added costs.”

Image

Meanwhile, Ethereum has been undergoing a mass exodus away from crypto exchanges, as its balance in exchanges recently hit a 2-year-low.

This phenomenon signifies a holding culture because more Ethereum is kept in cold storage and digital wallets and locked in sectors like decentralized finance (DeFi) and non-fungible token (NFT).

The DeFi industry was recently boosted as Bloomberg, and Galaxy Digital joined forces to launch the Bloomberg Galaxy DeFi Index, a benchmark designed to measure the performance of the largest decentralized finance protocols by market value which independently offer financial services. 

These protocols are governed by a uniquely designed smart contract and have no interference by a central financial intermediary, such as brokerages, exchanges, or banks.

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

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    • Blockchain

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