The deposit contract for the Ethereum 2.0 Beacon Chain – the epicenter of Ethereum’s new architecture – now holds over 3,000,000 ETH, worth over $5.5 billion at current prices.
- The Beacon Chain is a bridge network between the current Ethereum network and Ethereum 2.0; when the time comes, the Beacon Chain will help “dock” the current mainnet onto 2.0 to ensure the network’s complete migration.
- Unlike the current Ethereum blockchain, Ethereum 2.0 uses proof-of-stake where “validators” replace miners to process transactions.
- To earn the title of validator, an Ethereum user must stake 32 ETH into the deposit contract through a validator node.
- Exchanges like Kraken and Coinbase and wallets like MyEtherWallet also facilitate custodial staking for their clients by running a validator node on their behalf. Coinbase (whose staking is forthcoming) and Kraken allow users to stake any amount, not just the 32 ETH required by Ethereum 2.0's rules.
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