Since the network’s inception in December 2020, the stacking deposits of Ethereum (ETH) have had their largest one-day increase.
On Tuesday, over 200,000 Ethereum (ETH), equivalent to $550 million were transmitted to the Beacon chain. This constitutes a fourfold increase from 50,000 Ethereum (ETH) or less per day. As a result, a user may very well have transferred 150,000 Ethereum (ETH) all at once.
That is most likely ConsenSys, as they raised $450 million and announced that the funds would be turned into Ethereum (ETH) for staking and DeFi purposes.
Everything matches because 150,000 Ethereum (ETH) is equivalent to approximately $400 million. However, with the testnet merger, there may be an upsurge in staking confidence.
It is finally making it all sound a tad more genuine, and long-term investors may be even more secure in receiving a staking yield of 5% per year instead of just holding the coins. Though it can lead to cost-cutting, the Beacon chain has already been running seamlessly since its inception.
It will eventually be operating the entire Ethereum network, encompassing DeFi Dapps and non-fungible tokens (NFTs), with about 10% of the entire supply of Ethereum (ETH) on the line for network protection.