Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows
Ethereum’s (ETH) Beacon Chain has seen significant inflows since staking withdrawals were enabled on April 12th, with over $7.7 billion worth of Ethereum deposited into the contract. This is despite some initial predictions of a flood of outflows following the Shanghai Upgrade.
The Beacon Chain is a core component of Ethereum 2.0, the next generation of the Ethereum blockchain. It is a Proof-of-Stake (PoS) blockchain responsible for coordinating validators, validating transactions, and proposing and finalizing blocks in the Ethereum network.
Ethereum Beacon Chain Defies Critics
According to the research firm Arkham Intel, The total amount of deposited Ether now exceeds the April 12th balance by around 1.25 million ETH, with daily deposits varying widely, sometimes reaching up to 225,000 ETH (over $400 million in a single day). The inflows chart shows a noticeable spike following the Shapella upgrade, which coincided with the full enablement of withdrawals from the Beacon Chain.
At the forefront of these deposits is Lido’s stETH address “0xae7”, which has consistently been the top depositor with a lifetime deposit amount of well over $15 billion, accounting for over a third of the ETH locked in the deposit contract, according to Arkham.
Following the enabling of stETH Unstaking, Lido’s deposit address has now been transferred to a new address, “0xfdd”, which has already become the 4th deposit address since April, with a total deposit amount of over 214,000 ETH, or over $386 million, despite only being active for the past three days.
Furthermore, the growth of Ethereum 2.0 and the Beacon Chain has been accompanied by a surge in staking services and Liquid Staking Tokens with Frax. This stablecoin project aims to provide a more stable and reliable alternative to traditional fiat currencies, being one of the notable players in this space. Frax offers a product called frxETH, which allows users to stake their ETH and receive liquid-staked ETH tokens (sfrxETH) in return.
Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows
Ethereum’s (ETH) Beacon Chain has seen significant inflows since staking withdrawals were enabled on April 12th, with over $7.7 billion worth of Ethereum deposited into the contract. This is despite some initial predictions of a flood of outflows following the Shanghai Upgrade.
The Beacon Chain is a core component of Ethereum 2.0,the next generation of the Ethereum blockchain. It is a Proof-of-Stake (PoS) blockchain responsible for coordinating validators, validating transactions, and proposing and finalizing blocks in tE...
