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ETH 2.0 contract is already the biggest whale in the crypto market

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The Ethereum’s Largest Whale (ETH) is not Vitalik Buterin, its creator, nor anyone else. early adopter.

According to data from blockchain analytics provider Nansen, the Eth2 pledge contract has surpassed the Wrapped Ethereum (wETH) and has become the largest single holder of the cryptocurrency.

On August 17, Alex Svanevik, CEO of blockchain analytics company Nansen, posted these findings on Twitter.

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The data shows that the beacon network’s deposit contract is for 6.73 million ETH, which is worth about $21.5 billion.

In addition, Nansen’s data shows that, in contrast, the Wrapped Ethereum contract holds 6.7 million ETH. That is, approximately $21.4 billion. Then comes Binance, which holds 2.29 million ETH, or $7.3 billion.

ETH 2.0

According to data from CoinMarketCap, the value of ETH locked in Eth2 represents 5.7% of the Ethereum stock. Furthermore, as shown by data from Beaconcha.in, there are currently 210,000 validators on the Eth2 network.

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It is worth noting that every ETH held in Eth2 is blocked. Therefore, these cryptocurrencies cannot be removed from the contract until the next hard fork activates the mergers between the ETH 2.0 and the current ETH. This network merger is expected to take place in the first half of 2022.

Data from Staking Rewards also shows that, in terms of PoS (Proof of Participation) market value, Eth2 is currently the third largest network in the market. She is only behind Cardano and Solana.

London Update

As part of the ETH 2.0 rollout roadmap, on August 5th, Ethereum successfully activated its London update.

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This hard fork included several changes, including the burning of Ethereum through transaction fees. According to Ultrasound.Money, in the ten days since the update, 54,916 ETH were destroyed through transaction fees. This amount is equivalent to US$175 million.

Thus, considering the current burn rate of 3.28 ETH/minute, if network activity remains consistent, more than 140,000 ETH can be burnt each month.

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