Ethereum whales dump more ETH into the Ethereum 2.0 contract amid protocol upgrades

According to data from the on-chain and market data platform CryptoQuant, over 95,000 ETH – over 287 million – were involved in the ETH 2.0 contract in one day.

It seems that the number of new depositors is lower compared to the number of deposits, which according to Young Ju, CEO of CryptoQuant, is a sure sign that whales are optimistic at ETH by putting more tokens on the contract.

Another proof that $ ETH is bullish over the long term.

It seems that whales, who put a lot of ETH on the ETH 2.0 contract before the price spike, again put a ton of ETH on the contract.

These whales seem to believe that the fair price for $ ETH is over $ 3,000 in the long run.

– Ki Young Ju 주기영 (@ki_young_ju) August 18, 2021

This number complements the 5 million ETH used at the beginning of June, which are now well over 6.5 million coins. At press time, it has a USD valuation of $ 20 billion. At the time, the number of validators on the ETH 2.0 network was around 152,000, but it quickly increased to 200,000 according to the latest news on the protocol update.

The Ethereum upgrade has not only got the attention of the crypto community but also of several institutions around the world. As CryptoPotato reported a few weeks ago, the Switzerland-based Sygnym Bank announced that its customers could use their institutional banking platform to stake ETH for Ethereum 2.0 from their existing wallets.

London Hard Fork puts an important change to Ethereum

The London Hard Fork, activated on August 4th, has restructured the charging mechanism by creating a basic fee that is algorithmically designed to determine transaction costs based on the workflow on the network. This means the network is choosing a single gas price that should theoretically prevent larger gas cost spikes rather than relying on miners to prioritize transaction fees.

Sharing the network increases scalability and thus increases the amount of work it can handle when the workload is distributed to validators on different shards. Reducing network congestion ultimately lowers gas charges.

These upgrades are a significant milestone for Ethereum and could potentially crown its blockchain as the undisputed leader of the DeFi industry. At least 3.25 ETH have been burned every minute since the new charging mechanism was announced, and so far 60k has been burned on multiple platforms such as OpenSea-428 ETH, UniSwap V2 -326 ETH, Tether -245 ETH and Axie Infinity -227 ETH. burned.

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