The Eth2.0 staking update.

The ETH 2.0 (Ethereum 2.0) migration has progressed much over the past couple of months.

Beacon chain the first of the three steps for migration locks in the proof-of-stake and enables the entire network to test out proof-of-stake as a validation mechanism. The detailed features of beacon chain are given here (https://ethereum.org/en/eth2/beacon-chain/)

While beacon chain does not yet allow writing of smart contracts on it, beacon chain enables proof-of-stake to Ethereum. It involves staking ETH in order to activate validator software. As a validator one will process transactions and create new blocks on the chain. About 32 ETH are needed on a minimum to become a single validator. Services such as staked.us allow you to stake your ETH from your own wallet, but will provide validator software and surrounding infrastructure to use your staked ETH. Currently approximately 2.25% of the total Ethereum supply has been locked up in ETH2.0 and this is valued at approximately 2.5 Billion USD.

The following link shows the interest calculation and current rates of staking rewards on the ethereum network.

Ethereum 2.0 (ETH) Interest Calculator and Current Rates | Staking Rewards

Surprisingly the minimum requirement for staking has been oversubscribed by more than 500% with a yield of approximately 10.14% per annum. The lockup period of approximately 18 months signals a shift in this market where cryptocurrency was usually easily sold and purchased by regular users.

Overall, staking is a large business and a significantly powerful indicator of how this ecosystem progresses.