Etherscan, a blockchain explorer and analytics platform for Ethereum showed that the total deposit on Ethereum 2.0 staking contract has jumped above 1 million ETH, approximately $610 million in value at the time of writing.

Earlier this week, Ethereum 2.0 went live with the launch of Beacon Chain. The ETH community showed great support and staked nearly 900,000 at the start of this week. Further, the recent numbers indicate that the community is ready to stake more in the coming days as well.

According to the staking contract details, there is no closing date for the contract. So, the ETH community can earn rewards on staking even after the next phases. Early stakers have an advantage of high rewards, which can be as much as 20% per annum.

Ethereum community is actively participating in staking now because the staking reward will drop with the joining of more validators in the future. Ethereum initially outlined the need of 524,288 ETH for the launch of Beacon Chain.

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Proof-of-Stake (POS)

With the launch of Beacon Chain, the Ethereum network started its journey to shift from the current proof-of-work network to a more efficient and improved proof-of-stake network. The recent launch of phase 0 is just the first step towards a complete network transition and that will take years to complete. The Beacon chain will play a significant role in the new blockchain network to compete with giants, like Visa and PayPal. With more than 1 million Ethereum staked at the network, the Ethereum community is hopeful for a smooth transition to the upgraded network with futures phases.

Finance Magnates earlier reported about how leading names in the Ethereum community supported the launch with ETH staking. Dubai’s IBC Group collaborated with Canada’s CanETH to support the launch of Beacon Chain with staking of around 22,000 ETH earlier this month.

With 32 ETH and technical knowledge about the network, anyone can participate as a validator.