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Vladislav Sopov

Deposit contract and first backbone element of Ethereum proof-of-stake infrastructure smashes through another crucial milestone


The deposit contract of Proof-of-Stake Ethereum (ETH) registers an impressive new milestone as its community inches closer to the last pre-merge testnet.

10 million ETH now locked in deposit contract

Today, on March 10, 2022, Ethereum (ETH) community enthusiasts are celebrating an amazing milestone in its Proof-of-Stake deposit contract.

The first deposit contract of the new Ethereum (ETH) now holds over 10 million Ethers (ETH) on its balance. The USD-denominated value of the contract, therefore, eclipses $26 billion.

As such, the lion’s share of the entire circulating supply of the second cryptocurrency is locked into this contract. However, some automated trackers (e.g., Beaconscan) display that this milestone is yet to come.

On Nov. 23, 2020, the Ethereum 2.0 deposit contract was launched as the building block of its ecosystem.

Final pre-merge testnet, Kiln, goes live

In light of this milestone, Ethereum (ETH) developers accelerated the testing of the upcoming Proof-of-Stake mechanism of Ethereum.

Kiln, the last pre-merge testnet, has launched, as reported by Ethereum developer Marius van der Wijden. Once its testing is completed, Ethereum devs will start merging “real-life” mainstream testnets Ropsten, Rinkeby and Goerli.

Enthusiasts are invited to experiment with the opportunities opened by the new testnet: they even can try deploying dApps and DeFis to Kiln.

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