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$5M staked in eight hours as community cautiously backs ETH 2.0

Staking is now available for Ethereum 2, but are the returns and conditions worth it?

The long awaited deposit contract for Ethereum 2.0 has finally been deployed opening the doors to staking opportunities for ETH holders.

Deposits began in earnest with over $1 million in ETH landing in the contract within the first half an hour according to observers like The Crypto Cactus.

Fellow Ethereum advocate Ryan Sean Adams, who recently posted a ‘how to’ guide for those thinking of staking, described it as;

“This is the initial bond offering for the largest non-sovereign global economy the world has ever seen.”

Annual returns diminish fast however, with the more ETH that is staked. Five million ETH staked will yield around 7% which will fall to just under 5% when 10 million ETH is staked.

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At the moment there is a lot of excitement in the Ethereum community, as many have waited so long for things to get going on ETH 2.0.  ETH prices reacted to the news with a 5% jump over the past 24 hours to reach $405.

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