ETH worth more than $1 billion has been staked in the Eth2 deposit contract

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The Ethereum 2.0 or Eth2 staking contract continues to attract deposits. The contract now holds more than $1 billion worth of ether (ETH).

In terms of units, that is more than 1.5 million ETH. The $1 billion-mark comes as deposits grow and ETH's price continues to surge, currently trading above $660 on Coinbase, according to TradingView.

There is no closing date for the contract, meaning people can continue to make deposits to earn staking rewards for securing Eth2.

The journey of Eth2, its transition to a proof-of-stake network from a proof-of-work model, began on December 1. It saw the launch of Phase 0 or beacon chain — a kind of backbone for Eth2.

There is still a long way to go for Ethereum to fully transition into the new network. The new blockchain is expected to be more efficient and scalable than the current proof-of-work network.

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