There is now $1 billion worth of Ethereum locked up in the first step of Ethereum’s mass network upgrade: Ethereum 2.0.

There is a total of 1.526,053 ETH in the Ethereum 2.0 deposit. By Ethereum’s current price of $660, this equates to more than $1 billion worth of Ethereum. 

The threshold of 524,288 ETH has been surpassed by 290%, according to Dune Analytics. This has been achieved by a combined effort of 34,709 total transactions to date.

The Ethereum 2.0 network upgrade promises to make several major improvements to the Ethereum network, including solving Ethereum’s long standing scalability issues. 

“Ethereum, the second largest blockchain has moved to a new consensus mechanism: proof of stake. The locked up funds signify the investor and community appetite for the new model and will lead the future consensus models in upcoming designs,” Charles Storry, co-founder of PhutureDAO, told Decrypt

The total amount of ETH sent to Ethereum 2.0 saw its biggest spike between November 23 and November 24, where the total increased by 145% from 285,888 ETH to 702,848 ETH. 

Not Enough People Are Staking on Ethereum 2.0. Here’s why

Since November 24, there has been a 117% increase across three weeks, leading to today’s total of 1,526,053. But it’s not all to do with an increasing number of deposits. The rocketing Ethereum price has played a big part.

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