On Board With Ethereum 2.0: Deposit Contract Exceeds $30 Billion

Ethereum's ETH/USD next proof-of-stake-based (PoS) blockchain known as ETH 2.0 has its fair share of believers, with the deposit contract allowing access to the new ecosystem having an astonishing capital inflow.

What Happened: The ETH 2.0 deposit contract — the smart contract that allows transferring funds from the Ethereum mainnet to the PoS beacon chain that should become ETH 2.0 — saw the value of the Ethereum it contains exceed $30 billion. The development was pointed out in a Monday tweet by @GlassnodeAlerts, the Twitter profile sharing on-chain trends of blockchain data firm Glassnode.

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The tweet follows Monday's reports that Ethereum miner revenue fell to a five-year low of under $23,600; the last five-year low was under $47,150 on December 25, 2019. Despite this, 2Miners' Ethereum hash rate chart shows that today the network also saw a hash rate all-time high of 1.09 petahashes per second, suggesting a high degree of miner confidence in the network.