Value in Ethereum 2.0 deposit contract tops $10 billion

The value of funds locked in the Ethereum 2.0 deposit contract has exceeded $10 billion (3.99 million ETH).

The total value in the ETH 2.0 Deposit Contract just went above $10 billion with 3,994,722 $ETH deposited pic.twitter.com/rdtFTxG14C

— Bloqport Insights (@Bloqbot) April 27, 2021

The metric corresponds to 3.45% of the circulating supply of the second-largest cryptocurrency by market cap.

ETH2-staked coins lag the amount used in DeFi protocols on Ethereum by a factor of 2.7.

On April 22, Ethereum prices rose above the $2,600 mark, setting a new all-time high. At the time of writing, ETH is trading around $2,550.

Messari analysts have expressed confidence that after the transition to the second version of the Ethereum protocol, it could supplant Bitcoin from the top spot in the market-cap ranking.

Earlier, they stated that the Ethereum network will remain out of reach for competitors due to the deployment of a Rollups-based second-layer solution.

Macro investor Raoul Pal predicted a decline in May 2021 of the Ethereum-to-Bitcoin ratio ahead of an uptick in the metric.

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