10 million ETH is currently locked up in the ETH2.0 staking contract. But when ETH2.0 eventually drops, and all that ETH is made available, what happens to the price?
Does it pump due to ETH2.0 dropping or does it dump when people get their ETH back and have the chance to sell?
To put it in perspective, 10 million ETH represents over $26 billion, split between 67,000 unique deposit addresses.
ETH2.0 is the panned upgrade to PoS blockchain. Staking began in November 2020, with no end date given at the time, or even now, with the APY at around 4.8%.
Eth 2.0 is currently in the so-called ‘Kintsugi’ testnet stage before its rollout. Testnets run atop and mimic the activity of the core blockchain, or mainnet, without affecting it. They allow developers and the community to test applications and features in a controlled setting.
How many people staked their ETH for the ETH2.0 contract? What are your thoughts on what will happen when it eventually lands?
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