Ethereum 2.0 has hit a major milestone of almost 6 million staked Ether on the Ethereum Launchpad.
Abouti80,000 validators power the Ethereum blockchain as of Wednesday.
With a minimum requirement of 32 ETH to be a validator which means it takes $66,560 to participate as a validator on the network at the current price.
Ether is valued at $12.29 billion market capitalization.
SkyBridge Capital, the hedge fund which manages $7 billion in assets and is run by former White House Communications Director Anthony Scaramucci, plans to launch a private Ethereum fund for its investors, according to reports.
The firm, which in january launched a $25 million Bitcoin Fund, will also apply to the Securities and Exchange Commission (SEC) for an Ethereum ETF.
SkyBridge has applied for a Bitcoin ETF in March and the SEC is currently reviewing the application.
Ethereum, the second-largest cryptocurrency after bitcoin, has for the first time overtaken bitcoin by the number of daily active addresses on its network.
Data from Bitinfocharts shows ethereum in the lead with 757,859 active addresses, around 49,154 more than bitcoin, which has 708,705. Meanwhile, the total number of active addresses on the bitcoin network has dropped 38% from its April peak of 1.1 million.
Two JPMorgan analysts believe Ethereum’s planned move to Proof-of-Stake will Increase adoption as institutions and retail investors take advantage of the high yields generated by staking.
Staking across all cryptocurrencies generates an estimated $9 billion annually.
The report predicts that this figure could increase to $20 billion following Ethereum’s move to Proof-of-Stake.
A final prediction in the report puts total staking rewards at $40 billion by 2025.
Ernst & Young (EY) launches a zero-knowledge proof Layer 2 protocol to mitigate Ethereum transaction fees via private transfers of ERC-20 tokens.
The project known as Nightfall j will also improve transaction efficiency.
Also, leverage a combined protocol, known as a ZK-Optimistic Rollup to reduce transaction fees and maintain the privacy of transactions.
It will also reduce the time needed for developers to learn and execute the project.