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As Ether Price Hit $3,500, Ethereum 2.0 Sees Record Newbies Flow, Here's Why

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More than 1,000 new depositors locked their 32+ ETH stakes in Ethereum 2.0’s initial funding contract. Some of them may also be involved in Ethereum (ETH) mining.


Cryptoquant: 1,368 depositors joined Ethereum 2.0 deposit contract

According to the Twitter publication by Cryptoquant Korea-based analytical service, a number of new depositors to Ethereum 2.0’s initial contract printed a fresh high yesterday, May 4, 2021.

Cryptoquant registered 1,368 new depositors who transferred their Ethers (ETH) to the ETH2 deposit contract. This spike in interest in Ethereum 2.0 coincided with a breathaking rally of ETH over $3,500.

Yesterday, the Ethereum (ETH) price set a new record followed by massive liquidations across all derivatives trading platforms. A total of $50 million in Ether shorts vanished in no time.

Yesterday’s session on Ethereum (ETH) markets also printed a record in terms of net futures trading volume. This indicator surpassed $89 billion for the first time in Ethereum’s history.

Ethereum miners may have started migration to proof of stake (PoS)

Unlike Ethereum 1.0, the second iteration of this protocol will have its transactions secured by Proof-of-Stake (PoS) consensus. This means that validators (stakers) will be responsible for blockchain integrity instead of miners.

As a result, Ethereum (ETH) mining profitability is coming to an end. According to seasoned Ethereum (ETH) researchers, the mining of Ether will be profitable until the end of 2021.

As covered by U.Today previously, Ethereum (ETH) engineers recommended that all miners start considering switching to staking processes. That is why the FOMO-driven migration to Ethereum 2.0 gained such traction.

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