10% of Ethereum’s supply is locked into Consensys Layer Deposit Contracts that allow ETH to be moved from the ETH magnet to the Beacon chain, so let’s read more in our latest Ethereum news today.

Ethereum’s consensus layer deposit contract contains over 12 million ETh and over 10% of Ethereum’s supply. Over 360,000 validators locked 32 ETH into the contract, which will allow funds to be moved from mainnet to Beacon Chain, an ongoing PoS version of Ethereum that mainnet is set to merge with in the future. The deposit contract for the ETH consenSys layer known as ETH 2.0 exceeded 12 million ETH, which is worth about $34 billion at current prices. This means that around 10% of the total ETH supply is locked in the consensus shift custodian contract.

Despite the shaky price action and what appears to be a delayed merger date, the appetite to secure the ETH network as it transitions from PoW to PoW continues to grow. According to Etherscan, the consensus layer deposit contract reached the 12 million ETH mark, which accounts for more than 10% of the total circulating ETH supply, which is a huge growth rate as the deposit contract reached 10 million ETH. There are over 360,000 verifiers and each of them has deposited at least 32 ETH and the deposit contract brings an estimated annual return of 4.5%, so the funds will only be fully released after the upgrade in Shanghai, which is planned later this year can become.

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The consensus layer escrow contract allows ETH to be moved out of the Ethereum mainnet and was later referred to as execution by the ETH Foundation on the Beacon chain. The chain is a parallel running PoS version of the ETH blockchain that launched in December 2020. The merger described the moment when the ETH mainnet merges with the Beacon Chain, marking the network’s transition from PoW, where transactions are validated in blocks by solving complex mathematical equations using the computer hardware, to PoS, where the transactions be validated by validators. The merger was supposed to be on schedule and take place in June, but was delayed.

The Ethereum Foundation Trent Van Epps emphasized that the merger will not only make the chain more secure, but also reduce the energy consumption of the ETH network by 99.95% and the merger will reduce the annual issuance of ETH to a net 0% compared to the current one can 3-5%. In addition to more than 12 million, 2.18 million ETH coins locked in the Beacon Chain custody contract have been destroyed since the 1559 Enhancement Proposal was introduced in August. The upgrade aimed to stabilize network transaction fees and introduced a basic ETH Burn fee.

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