Ethereum (ETH) 2.0 Deposit Contract Oscillating at Extremes

• Deposits and withdrawals difference exceeded 75k ETH on April 15th.
• Validators with 0x01 updated withdrawal addresses account for 83.1%.

Ethereum’s 2.0 staking deposits vs. withdrawals are not so symmetric now. The number of deposits is taking up the volume from the withdrawals. The community was taken aback when the difference between deposits and withdrawals exceeded 75k ETH on April 15th. 

But the situation reversed on April 16th, with 16K deposits and around 8K withdrawals. As the Shapella upgrade took place, the fear of an extreme withdrawal of staked tokens from the Beacon chain prevails. At the time, the balance is moving fine, but some major exchanges like Binance have to start the stETH withdrawal. Once the situation arises, the withdrawal number may skyrocket.

ETH 2.0 Deposit Contract Status

ETH Deposit Contract signifies the minimum 32 tokens deposited by users to gain the validator’s access. The recent update on the Ethereum blockchain now allows users to withdraw those ETH along with the rewards they gained so far from 2018.

As per the data from Nansen, in the last 24 hours, 91,117 ETH was the net deposit count. And the total ETH staked on the Beacon chain equals 17,299,623. Whereas, the number of ETH waiting for the withdrawal is 850,714 (full withdrawal). Among the total validators, the 0x01 updated withdrawal addresses account for 83.1%. And the rest are lost in the old version of the blockchain. 

As for the price of Ether, it has surpassed the long-awaited $2K limit and is trading at a cost of $2,098.72. The surpass took place on April 13th and has surged up to $2,137.45. Price and the Deposit Contract status are subject to variation as the exchanges are yet to give full access to users post the upgrade.

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