Reportedly, more than 1.1 million ETH is now staked on Ethereum 2.0’s Medella Testnet. Validators have staked the value. The good thing is that the validator percentage is as high as 74% and that is more than the 66% threshold.
Each of the validators are maintaining an average staking balance of 32 ETH and the numbers of these validators are 38,000. With blocks getting added, the validators are already earning returns for their staked ETH. It is now very obvious that the staking security and confidence is gradually improving.
With the Ethereum Network being a public blockchain and they are changing their consensus from Proof-of-Work (PoW) to Proof-of-Stake (PoS) it can take some time before the users and the community will be able to participate and get used to the workings in the new set up. Therefore, it is expected that the shift to the mainnet for staking security and confidence to be much better.
It just looks like DeFi is working positively for Ethereum, because in terms of USD value DeFi is touching the $8 billion mark.
With lot of importance growing for DeFi, very probably the move to Eth2 is going to have the market improve. With the DeFi becoming famous, Ethereum is already a hot thing in the cryptocurrency space.
Sydney Ifergan, the crypto expert tweeted: “Ethereum (ETH) network have been working for too long and they are pulling a big team of developers and projects along with them. When ETH 2 happens, it is expected to be phenomenal.”
Ethereum (ETH) Virtual Machine and XRP Getting Connected
When ETH2 happens, everyone will want to connect to Ethereum Network. Reportedly, Weiss ratings have observed that the Flare Network are building a new two way bridge which will connect XRP to the Ethereum Virtual Machine.
Weiss Crypto Ratings have stated, “The Flare Network plans to build a new two-way bridge connecting XRP to the Ethereum ecosystem. Everyone wants to connect to ETH. It’s the new hot thing in crypto.”
Brad Garlinghouse, Ripple CEO stated, “From my point of view Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (for consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and defi.”
The focus of the Flare Network is to provide an advanced smart contract on the XRP network. The Two-way Bridge to Ethereum is set to be trustless and it will be known as FXRP. It is set to be used on the Ethereum Network while “providing a scaling platform for Ethereum tokens and applications.”