Over 3 million ETH, worth more than $5 billion, has been staked in the Eth2 contract

The Ethereum 2.0 or Eth2 staking contract now holds over 3 million ether (ETH), worth more than $5.3 billion at current prices.

The contract continues to grab deposits, meaning more people are staking their ETH holdings to earn rewards. Just about two months ago, the deposit address held around 1 million ETH.

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Anyone can stake their ETH to earn rewards of up to around 23%. However, all deposits and rewards can only be withdrawn when Phase 1.5 of Eth2 goes live — sometime in 2022.

The Eth2 journey, the transition from proof-of-work to the proof-of-stake mechanism, began with the Phase 0 launch on December 1. The full transition into the new network is a multi-year process, as The Block has previously reported.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.