Ethereum 2.0 Inches Towards $4 Billion in Total Value Locked
- Ethereum 2.0 is now the third-largest blockchain.
- Ethereum has risen above Tezos but still behind Polkadot.
The third-largest blockchain
Ethereum 2.0 currently holds over 2.5 million Ether (ETH), valued at USD 3.8 billion in less than two months since it was launched.
Ethereum 2.0 blockchain now holds the third biggest blockchain’s position in terms of the stakes committed, and it still has sufficient room to grow and get better. The Ether price rally and the rise in the number of stakers were the propelling factors through which Ethereum 2.0 became one of the world’s most staked blockchain.
Ethereum still lags behind Polkadot and Cardano.
The blockchain saw an increase of over a million ETH since the progress report by Cointelegraph on the 18th of December. Since that time, Ethereum has risen above Tezos (XTZ), but it is still behind Polkadot (DOT) and Cardano (ADA) with USD 10.4 billion and USD 8.3 billion, respectively. The percentage of Ethereum’s supply allocated is lesser when compared with its staking rivals.
Both Cardano and Polkadot see more than two-thirds of the tokens allocated for staking, while Tezos stakers comprise 90% of the circulating supply. Ethereum, on the contrary, dedicates just over 2 % of the Ether supply to the deposit contract. According to beaconcha.in the participating stake is less as fresh deposits are only enlisted through Ethereum 2.0 blockchain after about two weeks. The staking yield on an average performance is estimated to be 9%
According to stakingrewards.com, the staking yield is way lesser than Polkadot and Avalanche rewards, but it is higher than most other staking blockchains. When compared with other staking blockchains, Ethereum stakers go through another problem of not being allowed to withdraw their funds until developers complete the transition to the proof of stake blockchain.