Over 1 Million ETH Are Deposited in the Eth2 Deposit Contract
Main page News, Ethereum

The funds raised in the Ethereum 2.0 deposit contract, which was created to gather the necessary deposits before the launch of phase zero of the protocol, have just exceeded one million ETH.

The goal set to proceed to the launch of the Beacon Chain of the Ethereum 2.0, which effectively took place last week, was 524,288 ETH.

However, after the release of the second version of Ethereum, it looks like the contract has not stopped receiving funds. Thus, at the moment, the accumulated funds in this contract exceed 1 million ETH (around $605M at this time).

It should be noted the deposit contract does not have a closing date, meaning that users can continue to make deposits in order to receive staking rewards.

The rewards for the first users to deposit their funds are high, around 20% per year. However, they will decrease as more validators join the network.

In order to become a validator, users must deposit a minimum of 32 ETH in the contract.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error