How Ethereum market progress riding on 2.2% staked in ETH 2.0 – Buterin

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The $300 million stake in ETH 2.0 is the ‘best gamble on growth’ says Buterin.

As 2 per cent of all ETH supplies are currently part of the ETH 2.0 Deposit Deal, the overall amount of ETH is about $2.2 million.

 

Source: Crypto Quant

This shows tremendous trust on the part of the Ethereum group, as the price of the traded commodity has risen to $1,200, more than 70% in the past week alone.

Ethereum Founder Vitalik Buterin recently reflected on having such a strong indication of the community’s confidence in Ethereum by the amount of money in the deposit contract, saying that people lock up $300 million worth of their ether “may never see it again” until ETH 2.0 delivers.

“In some sense, it’s the ultimate bet on progress, and the bet on progress to some extent is what Ethereum is about”, says Buterin.

He goes on to say that Ethereum will become what the 2020s want the current blockchain to be, stating that sharding together with the Layer 2 ecosystem together will allow Ethereum scalability in tens of thousands of transactions per second.

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He considers this ‘greatly important’ because essentially Ethereum is seeking to build a network that can reach mass acceptance and at the same time having ample security interest to guarantee its users.

The aim is to raise the number of users to millions and possibly tens of millions, remarks Buterin, who sees a few hundred thousand users a day as a ‘very small number.’

 

Ethereum is also expected to see improved overall protocol economics, as Buterin says,

“The more you use Ethereum, the more you realize that gas estimation is such a stupid and archaic concept.”

According to him, the launch of the EIP-1559, which addresses the fundamental problem of ‘high gas charges’ on the network, is something to look forwards to and may be one of the major stories of 2021.

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