The deposit contract for staking Ethereum (ETH) on the Beacon Chain reached a balance of 12 million ETH on Friday. The total locked value of Ether in the Eth2 contract is worth about $34.5 billion.
The deposit contract was launched in November 2020 and currently holds around 10% of the total circulating supply of ETH.
The Beacon Chain is the first major step in Ethereum’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus model. A trader must invest a minimum of 32 ETH to become a validator in Eth2. Thus, the largest Beacon Chain contract, valued at $34.5 billion, highlights the enormous demand and trust in the future Eth2, despite several delays over the past year.