Ethereum 2.0 Deposit Contracts Hits a New All-Time High

Staked ETH in the Ethereum 2.0 deposit contracts has risen hitting a new all-time high of 13.34M ahead of the Merge.
In anticipation of the mainnet Merge, Analysts predict ‘the flippenin’ will happen in less than 5 years

As the Ethereum community anticipates the Mainnet Merge happening on 16th September, The second largest crypto asset by Marketcap has seen ETHs price rally remarkably just days before the Merge leading to a major change in market buoyancy.

Statistics from OKLink show the figures of staked ETH in Ethereum 2.0 deposit contracts have risen drastically hitting a new high of 13,343,768 and the staking rate exceeding 11.17%. The data reported by crypto journalist Colin Wu show that About 36,000 ETHs have been added weekly and 153,000 new ETHs have been staked since the onset of this month.

“The number of ETH 2.0 deposit contract addresses has reached 13,343,768, and the stake rate has exceeded 11.17%. About 36,000 ETHs have been added every week, and 153,000 new ETHs have been staked since August” crypto joournalist Colin Wu said.

With ETH currently trading at $1,562.20, Last week saw Ethereum go through a setback as it traded for $1,525 but it has been recovering at a snail’s pace.

ETH Gas Fees Drop, What Does This Mean for Ethereum?

A remarkable drop has been observed in ETH gas fees in Ethereum network activity. Crypto analyst Scott Melker gets into details pointing to data given out by IntoTheBlock. He notes that in the last three months, Total fees have dropped by 48%, Net insuance has dropped by 3% and the average transaction paid to the Ethereum network by users has dropped from $5.2 to $2.6 making it a 50% drop in the last three months.

Scott Melker further adds that ETH burning rate has dropped by an approximately 50% from 2.12k to 1.06k. Since the implementation of EIP-1559, almost 241k ETH have been burnt in the last 90 days.

Factors That Will See ‘the Flippenin’ Fantasy Fulfilled

The flippening is a hypothetical scenario where an altcoin’s market cap will surpass that of Bitcoin. Despite bitcoins connoisseurs stating that the flippening will never happen, the options market states otherwise.

Limitations to the Bitcoin model: In comparison to altcoins, Specifically Ethereum, After the merge, the Ethereum Blockchain will be able to transact nearly 100,000 transactions per second compared to Bitcoin which can transact up to seven transactions per second. In fact, Ethereum 2.0 will be faster than the financial giant VISA which can hold up to 60,000 transactions per second.

Ethereum complete innovation: Both Ethereum and Bitcoin have used blockchain technology to create a financial system. Ethereum has gone beyond having a currency by laying a bedrock that allows different sectors such as real estate, transport, and supply chain to build on top using smart contracts. This has allowed Ethereum to cement itself as “the blockchain to build stuff on. “