The migration to the proof-of-stake consensus seems to be progressing well by all numerical accounts, probably signifying an prevenient demand for the network's long-awaited upgrade.
Quantitative analysis conducted on popular blockchain site Etherscan indicates that 184,441 transactions are chargeable for 10.2 million Ether (ETH) staked into the Eth2 (consensus layer) deposit contract since beginning on November. 4 last year. This figure is akin to over $26 billion, primarily based upon current Ethereum costs.
Mathematical calculations counsel that the milestone was surpassed throughout block 14348729 within the evening of March eight, known by thought cryptocurrency publications and community advocates within the previous few hours.
In late Jan of this year, the Ethereum Foundation revealed an alteration to the network's nomenclature, with the initial proof-of-work blockchain, or Eth1, currently being stated because the execution layer, and the future proof-of-stake blockchain, or Eth2, currently referred to as the accord layer.
To participate, every user is needed to deposit and stake 32 ETH into the official Ethereum platform to acquire validation standing on the network. At the time of writing, the amount stands at roughly $83,252.
Evolution to the consensus layer is determined as a highly-anticipated event among varied provinces of the crypto landscape — from suburbanised finance, or DeFi, protocols and nonfungible token, or NFT, comes and marketplaces, to ETH quality holders — due to the reliance on Ethereum's blockchain for a multitude of on-chain engagements.
( Tom Farren, Cointelegraph, 2022 )