Interest to stake in the next iteration of the leading smart contract platform continues to skyrocket as millions of ETH are deposited into the ETH 2.0 smart contract.
A look at the deposit contract shows that Ethereum holders who seek to become validators have collectively locked up 5.2 million ETH worth $13.8 billion.
In the last 24 hours, hundreds of users have deposited 32 ETH to the smart contract, the amount required to activate the validator software.
Ethereum 2.0, the highly-anticipated update of the second-largest crypto asset by market cap, is the scaling solution that will shift the network over from a proof of work (PoW) to a proof of stake (POS) consensus mechanism. According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second (TPS) via second-layer solutions.
As Ethereum transitions to POS, users are allowed to stake their ETH and become validators to get rewards for storing