Per data by the Ethereum block explorer and analytics platform, Etherscan, the value of ETH2.0 contract deposits has hit a $20.7 billion level, while the number of the staked coins is at a record high 6.59 million, as the network upgrades continue.
As an investors, when you stake on the Ethereum network, you are eligible for up to a 23 percent reward. This interests are withdrawable once phase 1.5 of Ethereum 2.0 is launched.
However, the stake Ethereum value has surged, following the recent spike in the asset price that correlated with the entire crypto market. Currently, Ether is trading above $3,100, gaining 20 percent in the past week.
Ethereum has received more attention in recent months with massive adoption. Particularly as the network is working on upgrades, including the transition to proof-of-stake. Recall that the network recently activated its much-anticipated London Hard Fork to establish an energy-efficient ecosystem.
ETH 2.0 kicked off in December, and almost one million Ethereum coins were staked within the four days of its launch. The upgrade works reduce Ether mining revenue.
For instance, the top five Ethereum mining pools cumulatively earned 77,450 ETH in rewards, translating to over $192.69 million within seven days between July 27 and August 2, where 29,021 blocks were mined.