Over 3 million ETH, worth more than $5 billion, has been staked in the Eth2 contract

The Ethereum 2.0 or Eth2 staking contract now holds over 3 million ether (ETH), worth more than $5.3 billion at current prices.

The contract continues to grab deposits, meaning more people are staking their ETH holdings to earn rewards. Just about two months ago, the deposit address held around 1 million ETH.

Anyone can stake their ETH to earn rewards of up to around 23%. However, all deposits and rewards can only be withdrawn when Phase 1.5 of Eth2 goes live — sometime in 2022.

The Eth2 journey, the transition from proof-of-work to the proof-of-stake mechanism, began with the Phase 0 launch on December 1. The full transition into the new network is a multi-year process, as The Block has previously reported.