Validators have now invested more than 1.1 million test Ether tokens (ETH) in the Medalla testnet of Ethereum 2.0. The tendency of the validators to participate is 74% and thus well above the 66% threshold.
Ethereum 2.0 Medalla Testnet Experiences a Rise in Staking
Last week, validators participated in Eth2’s Medalla testnet and it was fluctuating and sinusoidal. The average participation rate has increased and is currently 74%.
The block is added like clockwork, and validators are already earning returns on their staked ETH.
There is currently a high level of trust in Medalla’s ETH. However, since it is a test network, depositors can encounter various problems. In this case, code changes and rollbacks should not be a problem, as there is no actual exchange of values.
As the public blockchain changes the consensus protocol from Proof of Work (PoW) to Proof of Stake (PoS), this is an important step for Ethereum. Therefore, it will take time for users and community participants to familiarize themselves with how the new settings work.
In other words, with the move to the main network, security and trust are greatly improved.
DeFi Total Locked Value Approaching $8 Billion
As of this writing, the total value of the dollars locked in DeFi is close to the $8 billion mark.
Uniswap, a decentralized exchange, saw deposits grow 50% in the past 24 hours. Yearn Finance also contributed to this growth as the protocol native token YFI exceeded the purchase price of Bitcoin.
With the rise of “high-yield farming,” YFI’s market value and daily trading volume is closely approaching $1 billion, and its token price surpassed Bitcoin’s previous ATH, causing serious FOMO among investors