The ETH2 Deposit Contract is receiving mass reception from Ethereum users who have deposited over 5.2 million Ether, which is approximately $13 billion. The smart contract was established on the 4th of November 2020 and attained the required start-point to initiate the Beacon Chain Contract twenty-one days later.
According to known statistics, the process of becoming a full validator on the Beacon Chain smart contract isn’t a mere walkover. Using current exchange rates, a potential Validator is meant to deposit about 32 Ether, which is well over $84,000. Although this might be considered huge, a lot of users are subscribing to it due to the returns it is expected to bring.
The co-founder of the Ethereum ecosystem, Vitalik Buterin, was the first to place a stake on the contract with over 3,200 ETH. The deposit at that time was worth about $1.3 million but has since increased above $8.3 million presently. Other validators that joined within six months after the kick-off of the smart contract recorded success as well.
At the time of this report, more than a dozen transactions consisting of about 32 ETH each are in line for confirmation. This development is proof of the notable growth of the contract.
May Marks an Additional Million to the ETH2 Deposit Contract
On several occasions, huge deposits have been recorded on the contract. After the launch of the deposits contract in November, the accumulated values continued to spike from November 19th to the 27th. It hit the brakes in March 2021 but gained momentum again by May, possessing over 4.1 million ETH in its deposits on May 1st which represented a 26.8 percent growth.
While users can access the contract through non-conservative options, platforms like Coinbase and Kraken can be leveraged for the deposits.