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ETH breaks multiple records as ETH 2.0 approaches

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Ethereum (ETH) has hit multiple records amid news that ETH 2.0 could launch as early as Dec 1, according to crypto analytics firm Glassnode. 

Today’s launch of the deposit contract introduced the ability for users to deposit 32 Ether required to participate in staking. ETH 2.0’s beacon chain genesis will take place on Dec. 1 if at least 16,384 deposits of 32 ETH each are received. That’s a total of 524,288 ETH, or about $200 million worth.

Hours after the news was published, the number of Ethereum addresses holding at least 32 Ethereum hit an all-time high (ATH) of 126,852. Prior to the latest rise, this figure had hovered around 123k since June this year, with fluctuations only in the hundreds of addresses.

This means that around 13% of all addresses currently holding more than 32 Ether will need to participate in order to launch staking. Should this amount not be met, the launch will be postponed until seven days after the threshold is hit.

The number of addresses holding at least 0.1, 10, or 100 Ether has also risen to post record highs of 3,616,246 addresses, 293,183 addresses, and 52,943 addresses, respectively — indicating increased accumulation from speculators as well as prospective validators.

The number of Ether held on exchanges has also just hit a one-year low of 15.8 million. Referring to Bitcoin, earlier this month, crypto statistician Willy Woo said he believes that when the number of coins held on exchanges drop, “it’s a sign that new buyers are coming in to scoop the coins off the markets and moving them into cold storage.”

Ethereum’s exchange balance has shown a bart-pattern over the last ten months similar in scale to the months before the 2017 bull run. Other signs also can be linked back to this period, with the last time the price of Bitcoin hit $14,000 and Ethereum hit $400 simultaneously was near the end of the run in mid-January 2018.

Ethereum’s hash rate also hit an ATH last week at 270 Terahash or 270 trillion hashes per second.





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Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2

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Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.

The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.

The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.

However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.

Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum

Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2’s staking contract around the same time as the launch, worth roughly $200 million.

CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.