Nearly 6,000,000 ETH are currently staked on ETH 2.0 network. The data showed that $52.7 billion worth of ETH was staked on the network.
Over the past six months, the total amount of Ethereum staked on the network increased dramatically. The value of Ethereum staked in the ETH 2.0 network reached $1.1 billion in December. This amount represented 1.6% of Ethereum’s total supply at the time. The current Ether supply of $12.7 billion is approximately 5%.
After a drop in gas fees, the staked amount increased. The recent drop in gas fees was also responsible for Ethereum’s recent decline in value. An average transaction was $0.15 earlier in the week.
Expectations are high for the London hard fork’s launch, which is currently live on the Ropsten testingnet. The EIP-1559 upgrade will address gas fees on Ethereum.
ETH saw a significant correction from its record-breaking yearly high. The cryptocurrency plummeted to $1,700 after hitting $4,300. ETH trades at $2,121 as of press time. Its market cap has fallen 5% over the past 24 hours, and its 24-hour trading volume has dropped more than 19%.