The cryptocurrency market has been outpacing the economy of many countries. Proof of this is that the total volume of Ethereum deposited in the ETH 2.0 staking already exceeds the reserves of many nations.
There are currently 6,805,325 ETH deposited into the Ethereum 2.0 smart contract. The protocol transforms its depositors into validators of this network.
According to Ether’s current quotation, this is equivalent to US$ 21 billion, which is higher than the reserves of 120 countries.
According to data from the World Bank, these nations include several from Latin America, such as El Salvador, Cuba, Nicaragua, Bolivia, Ecuador, Costa Rica, Honduras, Paraguay, Panama, Venezuela, Dominican Republic, Uruguay and Guatemala.
In this case, the reserves of these countries vary between US$ 3 billion (El Salvador) and US$ 18 billion (Guatemala).
In addition, other regions whose reserves are exceeded by the deposit in Ethereum 2.0 are Somalia, Zimbabwe, San Marino, Fiji, Luxembourg, Madagascar, Haiti, Iceland and Jamaica.
Ethereum 2.0 gaining traction
The more than 6.8 million ETH deposited in the contracts will be used in the Ethereum network’s new validation system. The largest altcoin in the market will migrate from Proof of Work, or PoW, to Proof of Participation, or PoS.
Currently, the annual return on investment is 6%. However, this number is expected to decrease as new validators add their ETH.
By way of comparison, the yield in the first days of staking, at the end of 2020, was 21.6% per year.
In addition, Etherscan data shows that the dominant pools are: Kraken (12.3%), Lido (11.1%) and Binance (8.89%).
In total, the pools represent 46.9% of the activity. The other 53% correspond to independent validators, including individuals and companies.
A recent survey, by Ethereum Foundation developer and researcher Justin Drake, found that 86% of network developers believe Ethereum 2.0 should be activated by the end of 2021.
Read also: Cardano accelerates during market recovery and could rise 170%
Also read: Specialist teaches how to find an NFT with a chance to appreciate
Also read: Famous trader: “Bitcoin will soar, but it will be surpassed by Dogecoin”