Ethereum wallets with at least 32 ETH, the amount required for ETH 2.0 staking, have grown by 13% this year
According to a report from Arcane Research, the number of Ethereum wallets with more than 32 ETH has steadily improved in 2020, currently has nearly 120,000 addresses eligible to become validators for using the Staking function. This number has increased by 13% since the beginning of last year.
?Another sneak peek into our weekly market report?
Are investors getting ready for Ethereum staking? Data from @nansen_ai shows that almost 120,000 @ethereum wallets are ready for staking. This number has grown by 13% over the past year.
Read more here: https://t.co/UKFQKI2jze pic.twitter.com/G3nXhylels— Arcane Research (@ArcaneResearch) June 8, 2020
The number of Ethereum wallets containing 32 or more ETH has hit an ATH
However, the report quickly emphasized that there is still a lack of clarity for wallet owners.
The report stated:
“There is not a 1: 1 relationship between humans and wallets, so it is challenging to define how many people are ready for staking.”
To gain more transparency, we need to determine the number of validators currently active on the testnet. According to etherscan.io, the current number of validators on the Beacon chain is 39653, supported by a total of 1,267,947 eligible Ether.
Now, although these validators may not be independent individuals, it is important to note their operational status.
Elsewhere, Glassnode recently showed that ETH’s hashrate has increased by 26.8% since the beginning of the year, reaching its highest level in 7 months. A higher hashrate is a clear indication of a strong network, so is evidence of the current relevance and power of the token’s blockchain.
#Ethereum‘s hash rate has increased by 26.8% since the beginning of the year and is at the highest level it’s been in over 7 months.
Chart: https://t.co/i803JGW9jC pic.twitter.com/0WdaV0ky9y
— glassnode (@glassnode) June 4, 2020
Accordingly, cryptocurrency analyst Osho Jha has argued that Staking will turn Ether into a definite asset. He hopes the Staking model will expand ETH’s investor base by providing a higher level of price stability. These factors can improve its Store-of-Value credentials because investors will be eligible to receive consistent returns and support to enhance the network’s scalability.
Other achievements surrounding Ethereum
In April 2020, Ethereum developers introduced testnet 2.0. Thankfully, this Testnet version has received a lot of applause as the number of addresses with 32 ETH skyrocketed – evidence of users rushing to become validators on the Ethereum 2.0 network.
A consistent reward of 4.6% to 10.3% on an annual basis seems too good to be passed because the number of validators in the first week soared by more than 18,000. Such a popular sentiment has not slowed down over the past few months.
Read more:
- It Seems That There Are A Few Bulls Favoring Factors That Suggest ETH Price Will See Further Upwards Momentum
- A Top Analyst Suggests That ETH Price Still Has The Opportunity To See Some Considerable Upside