Ethereum 2.0 Becomes Third-Largest Staking Network as ETH Price Breaks New High

The rise in ETH prices, which has pushed it to a new all-time high, has also pushed the Ethereum 2.0 contract to become the third-largest collateralized network, despite the fact that only 2.55% of ETH supply is currently locked in Ethereum 2.0.

On February 2, ETH hit an all-time high of $1,480. ETH rose 12% in 24 hours, reaching a high of $1,560.

ETH/BTC since January 2017, 1-day chart: TradingView

There are currently more than 2.9 million ETH locked, and the total collateral capital in Ethereum 2.0 exceeds $4.5 billion. The rise in ETH prices has pushed Ethereum 2.0 contracts to exceed Avalanche's $3.4 billion in collateral assets.

Polkadot is currently the crypto asset with the largest amount of locked-up assets, with 60% of its supply locked at $10.8 billion, followed by Cardano, with 71% of its supply collateralized at nearly $9.5 billion.

Ethereum 2.0 deposits have been growing steadily since the launch of the beacon chain in early December. In January, about 1 million ETH was locked, while the total number of Ethereum 2.0 validators increased by 55% from 49,200 to 76,200.

ETH/BTC has risen 70% since the beginning of the year. Currently, ETH/BTC is less than 5% away from its January 25 high of 0.045 BTC, which is also the highest level of ETH/BTC since August 2018.

ETH/BTC since January 2017, 1-day chart: TradingView

Source: Cointelegraph