According to BlockBeats, an Ethereum ICO participant address has staked a total of 46,464 ETH on the Ethereum Beacon Chain in the past week, with a total value of $128 million. The address received 1 million ETH from the Genesis Block address on July 30, 2015, at a cost of only $0.31 per ETH. Currently, the address still holds 50,000 ETH, valued at $139 million.
The Ethereum Beacon Chain is a crucial component of Ethereum 2.0, which aims to transition the Ethereum network from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism. This transition is expected to improve the network's scalability, security, and sustainability. Staking on the Beacon Chain allows users to participate in the PoS consensus mechanism and earn rewards for securing the network.
The significant amount of ETH staked by the ICO participant address highlights the growing interest and confidence in Ethereum 2.0 and its PoS mechanism. As more users stake their ETH on the Beacon Chain, the Ethereum network will continue to move closer to its transition to Ethereum 2.0.
