The latest report in the industry shows that Ethereum investors are acquiring more ETH tokens to meet its 32 ETH minimum threshold for the node staking process of Ethereum 2.0.
This year’s third quarter had everyone’s eyes on the sought upcoming launch of Ethereum 2.0.
Ethereum blockchain is going to transition to PoS (Proof-of-Stake) from PoW (Proof-of-Work) algorithm.
Arcan Research recent data update shows Ethereum supporters pushing higher ETH stakes on their individual wallets. The actions show that they are taking more staking nodes in Ethereum 2.0’s network. A 32 ETH is a minimum stake requirement, while investors are collecting more to fill in the demand. Many investors are staking more in ETH to acquire rewards, as Ethereum 2.0 transitions into the PoS model.
Investors accumulate more ETH tokens
On Arcane Research recent tweet, almost 120,000 have more than 32 ETH in their Ethereum wallet balances.
The data provided by Nansen AI, an Ethereum blockchain analytics company, shows that the sum of wallets holding more than 32 ETH had increased by 13% over the last year. It is obviously showing that as the Ethereum 2.0 launch is nearing, more investors accumulate more ETH tokens.
Like other Proof-of-Stake blockchains, crypto exchanges are seen to provide staking services to their users. So ETH holders may deposit their ETH tokens with the crypto exchanges that will in return, stake for them. Although many do not agree Ethereum staking by the crypto exchanges as it may result in centralization, Alex Svanevik, a Nansen co-founder and a data scientist, said that a majority of traders holding more than 32 ETH doesn’t belong to the exchanges.
Ethereum Network Fee at Peak
Ethereum network fees outshined the Bitcoin network for two succeeding days (June 6 and 7).
A recent twitter post from Glassnode is showing the amount spent on the Ethereum network on June 6 was $498,000 while Bitcoin is only at $308,000. While on June 7, showing an increase to $540,000 spent on Ethereum network against $258,000 in Bitcoin.
This already happened twice where Ethereum’s network fee surpassed Bitcoin’s for this year 2020.
Pending transactions of almost 103,000 caused Ethereum’s mempool to fill up. This explains why the network spent has spiked up with the transaction fees soaring high.
Ethereum-based stablecoins such as PAX (Paxos), Tether (USDT), and USD Coin (USDC) transfer value have struck new records this year. Stablecoins incredibly helped current Ethereum’s network activity.
Investors are looking forward to huge developments as they wait for the launch date of Ethereum 2.0.