September 24, 2023

Deposit Contract For ETH 2.0 Crosses 13 Million Mark And ETH Becomes Bullish

As the date of the implementation of Ethereum’s “Merge” gets closer, the anticipation level of the entire cryptocurrency community has been rising.

Merge is proving to be a Huge Success

There have been too many developments since the news of Merge’s implementation has started rotating all over the cryptocurrency universe.

Due to so much anticipation and high hopes with “Merge”, the demand for the ETH 2.0 deposit contract has skyrocketed.

However, if people think that the current Ethereum (ETH) is not going to benefit from the developments, then it would be an underestimation.

Ethereum’s Value and Demand are Up for Gains

Ever since the announcement of the Merge has been made, Ethereum has also become a very attractive asset for the Ethereum community.

Many people have started investing heavily in Ethereum to accumulate as many ETH as possible. Before we talked about the developments in Ethereum due to Merge, it is important to discuss what the upgrade has to offer.

Merge Offerings

The Merge is an upgrade and an entire Hard Fork for the Ethereum blockchain. It has been developed to overlap the old “proof-of-work” consensus protocol with the “proof-of-stake” consensus protocol.

The main purpose of introducing the particular protocol is to improve the scalability, efficiency, and speed of the current Ethereum blockchain.

As Merge has so much to offer, it has definitely created so much hype, which has made it one of the most anticipated events for the entire cryptocurrency community.

ETH 2.0 Deposit Contracts Hit All-Time Highs

The total value locked on ETH has been rising at a substantial rate. The on-chain data analysis firms have confirmed that the deposit contracts for ETH 2.0 have risen at a tremendous rate and are currently exhibiting all-time highs.

The data from August 8 shows that the total number of deposit contracts on ETH 2.0 has crossed the 13 million mark. The number has not stopped around the figure as it continues growing at a significant rate.

Glassnode has confirmed that as of now, the total number of staking contract addresses on ETH 2.0 is 13,212,933.

Further analysis shows that back in May 2022, the total number of ETH 2.0 deposits stood at around 8 million but they have risen to over 13 million. This is a huge gain for ETH 2.0 and it goes to show that it is in really high demand.

ETH is bound to be Bullish

The constantly growing interest of the ETH community in ETH 2.0 is a clear confirmation that the Merge implementation is going to be a huge success.

It would help the trading price of ETH to cross the $2k in a matter of a few days. However, the analysts are hopeful that the implementation may help ETH hit another all-time high.

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