The cryptocurrency community is slowly preparing for Ethereum 2.0, and it has been revealed that almost 80% of the total ETH supply remains accumulated in portfolios of people preparing for the implicit staking in the ETH 2.0 PoS.
Why accumulate ETH before the release of Ethereum 2.0? Simple: Staking
Although it may seem obvious to many, there are perhaps those who do not understand the relationship between accumulation and participation in a Staking system. First of all, you should know that the novelty of ETH 2.0 is that it will work with a PoS or “Proof of Stake” system.
This means that people who have more accumulated cryptocurrencies will have more opportunities to participate in the transaction validation process within the Blockchain. In this case ETH is accumulated, to validate blocks in ETH 2.0.
Within the PoS system, miners do not compete for the right to validate transactions. Instead, this capacity is randomly assigned to them by the cryptocurrency system, so those who have the greatest possibilities are those who have the most amount of the asset in question.
Accumulation of almost 80% of Ether (ETH) supply
Having understood this, it is that we can understand why about 86 million ETH are kept in non-exchangeable wallets. The idea of accumulation is to have more possibilities within the ETH 2.0 system.
According to the latest report from ConsenSys, the blockchain infrastructure developer Ethereum, almost 80% of the total ETH supply remains accumulated. This report is called “Ethereum 2.0 Economic Review”, published on July 16.
Specifically, according to the report, 77.7% of ETH’s current offering is in portfolios containing more than 32 ETH. The latter is relevant if we consider that 32 ETH is the minimum amount required to earn rewards by staking in ETH 2.0.
While Ethereum 2.0 implementation is expected to arrive in late 2020, the network has been in a test network. This has been known as “Beacon” since May 2020.
Additionally, in early May, ConsenSys released a report revealing that 66% of ETH holders planned to bet their coins as soon as the first phase of ETH 2.0 deployment was completed.
With this we can conclude that preparation is key for all those who anticipate the success of ETH 2.0. That is why we want to know: are you also part of the group that accumulates ETH at the moment to be able to participate in the staking of this Blockchain?