08 May 2022 08:00, UTC
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The network of the world’s second most valuable cryptocurrency, Ethereum, has officially begun updating its network in December 2020 along with the launch of the Beacon Chain.
The cryptocurrency community showed tremendous support for the decision by placing more than 1 million ETH in the ETH 2.0 depository contract within the first week of the Beacon Chain launch.
Fresh data published by Ethereum blockchain columnist Etherscan shows that the total value of coins on the stack has now exceeded $33 billion, for which the community has posted more than 12.4 million coins.
Speaking of other network metrics, transaction fees on the ETH network have dropped significantly over the past few weeks. Despite the drop in prices, the total number of transactions on the Ethereum network has also increased.
Experts at network analytics platform Santiment noted that the ETH network saw a spike in transfer activity on Friday.
The Ethereum network saw about 3.4 times as many transactions on Friday as it has seen in the past 3.5 years. At the same time, other coins suffered losses. It was the most active day in terms of ETH capitulation rate since November 18, 2018.
Ethereum currently has a market capitalization of about $325 billion, compared to an all-time high of more than $500 billion reached in November 2021.
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