ETH worth more than $1 billion has been staked in the Eth2 deposit contract

The Ethereum 2.0 or Eth2 staking contract continues to attract deposits. The contract now holds more than $1 billion worth of ether (ETH).

In terms of units, that is more than 1.5 million ETH. The $1 billion-mark comes as deposits grow and ETH's price continues to surge, currently trading above $660 on Coinbase, according to TradingView.

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There is no closing date for the contract, meaning people can continue to make deposits to earn staking rewards for securing Eth2.

The journey of Eth2, its transition to a proof-of-stake network from a proof-of-work model, began on December 1. It saw the launch of Phase 0 or beacon chain — a kind of backbone for Eth2.

There is still a long way to go for Ethereum to fully transition into the new network. The new blockchain is expected to be more efficient and scalable than the current proof-of-work network.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.