The ETH 2.0 deposit contract now holds over 9 million, according to the latest data. The total has increased by 70% since June of last year and is more than 1,500% higher than the initial phase 0 target of 524,000 ETH.

The total quantity of ether (ETH) held in the Ethereum 2.0 deposit contract is rapidly reaching nine million, according to the latest data. This means that the ETH 2.0 contract currently holds moreover 7% of the total ETH supply. According to Glassnode data, the amount locked hit an all-time high of 8,875,394 ETH, which is worth approximately $33.7 billion at current market values. The total has increased by 70% since June of last year and is more than 1,500% higher than the initial phase 0 target of 524,000 ETH.

In the last six months, the overall number of unique depositors has more than doubled, rising from 27,132 in June to 59,867 at the time of writing. Despite the current yearly return of only 5%, more validators have joined the network, increasing from 152,000 validators in June to 276,197 validators at the moment.

The growing number of unique depositors, validators, and ETH balances on the Ethereum 2.0 deposit contract indicates that investors and the Ethereum community are long-term bullish on the native coin. This is demonstrated by the fact that deposits and incentives can only be withdrawn after phase 1.5 of the network upgrade is completed.

Whales are also locking up their ether, according to a report from August, with over 95,000 ETH staked in a single day. Meanwhile, Ethereum engineers are working around the clock to make ETH 2.0 a reality, as consumers remain positive. The Altair upgrade on the Beacon Chain was successfully implemented in October 2021, after phase 0 was finished in late 2020.

Despite a recent article claiming that the planned switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) may expose the Ethereum network to assaults, one developer believes otherwise. He reassured the community that the merger will be safe, while also providing a possible repair ahead of the event, which is set to happen in Q1 or Q2 of 2022.

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