Ethereum 2.0 (ETH) is already the fourth largest staking network
Ethereum had unblocked the staking a month and a half ago, in anticipation of its passage to the Proof-of-Stake. And the success is there: it has become the 4th largest staking network, even though investors have to wait two years before receiving their rewards.
The community stakes its ETH
Dune Analytics data allows to see the progress of the ETHs sent on the Ethereum deposit contract, for users who wish to start staking. In total, nearly one billion dollars in ETHs have been sent. This corresponds to 1.5 million ETH, or nearly 1.4% of the total Ether supply. This is a plebiscite for the project, which is of course motivated by Bitcoin Era the lure of profit. Currently, the ETH staking offers rewards estimated at around 13% – enough to tempt investors.
It should be noted that investors are sending their ETHs to the network even though the rewards are not released. It will take at least two years before the profits generated by ETH staking are paid out to the contributors. This shows the confidence that the contributors have in the future of the payment network.
Ethereum, the fourth largest staking network at present
Will Ethereum succeed in eclipsing its competitors in the long run? It is entirely possible. The biggest staking network at present is Polkadot (DOT), which has 691 million DOT staked at the moment. This corresponds to 67% of the supply, and about 3.5 billion dollars. It is followed by Cardano (ADA), whose supply is staked at 65.53%, worth USD 3.37 billion.
Just ahead of Ethereum is Tezos (XTZ). The equivalent of 1.3 billion dollars in XTZ is currently staked on the network, which is also growing.
All this shows that there is a definite craze for ETH staking. If investors are willing to wait two years for their rewards, it is imagined that a much higher number of them will participate when the rewards are unblocked.