Ethereum sent to the ETH 2.0 staking contract continues to gradually increase, despite the asset’s price movements.
This comes just a month or so before the Merge is supposed to take place, according to the development team.
As data from Dune Analytics shows, the number of ETH sent to the staking contract has exceeded 13.2 million, while the unique depositors are just under 80,000.
The graph below demonstrates the gradual increase of ETH locked in the staking contract and that it has tapped a new all-time high in terms of ether.
The USD value had skyrocketed to just shy of $24 billion, which is far from the peak reached last year when ETH stood close to $5,000.
The impressive numbers come as the team behind Ethereum continues to update on the developments regarding the transition from PoW to PoS.
Known as the Merge, it’s arguably the most anticipated event in the cryptocurrency industry this year.
It’s supposed to make Ethereum less energy intensive and enhance the network’s robustness, among other benefits.
Many prominent crypto insiders believe it will have a profound effect on ETH’s price. Arthur Hayes recently asserted that it could boost the asset’s USD valuation in a similar fashion as BTC’s halving.
Mark Cuban, on the other hand, warned that the Merge could be a “sell-the-news” event at first but believes that it’s a positive transition overall.
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