As the blockchain draws ever closer to its mainnet migration, the amount of Ethereum (ETH) staked on its Proof of Stake consensus layer has reached another milestone, crossing 10% of ETH’s total supply.

Consensus Layer: 10% ETH Staked

Ethereum launched the ‘Beacon Chain’ – a parallel Proof of Stake version of the Ethereum blockchain. The Ethereum mainnet is scheduled to ‘Merge’ with the Beacon Chain, thus formally transitioning the network to a Proof of Stake model.

Nansen data shows that the current balance for the ETH Beacon consensus layers (formerly known under ETH 2.0) in terms of deposit contracts is 12,385,394 ETH. This amounts to an estimated $34 Billion at current prices.

CMC claims that Ethereum’s circulating supply is 120 million ETH coins. The current Ethereum supply is more than 10% thanks to the Beacon Chain.

Investors who secure their Ethereum on the Beacon Chain receive a 4.4% annual percentage return as a staking bonus. ETH had a price of just $600 at launch of Phase 0 Beacon Chain in early December 2020.

Flipside

• Ethereum’s historical upgrade, which will see the network become a Proof of Stake blockchain, has been postponed starting JuneTo an unknown date.

Care is a must

An anticipated price rise for Ethereum is the reason why there has been an influx in investors to the consensus layer of Ethereum before the Merge.

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