By Solomon Odunayo
The number of Ethereum (ETH) addresses with at least 32 ETH has reportedly experienced a notable increase as the network upgrade from proof-of-work (PoW) to proof-of-stake (PoS) approaches.
As it’s generally known, 32 ETH is the minimum amount of Ether required for Ethereum 2.0 staking, and the report stated that it has increased to relatively 120,000, indicating the anticipation of the network upgrade.
Ethereum Addresses with At Least 32 ETH Keeps Increasing
Going by a report made available by Arcane Research, a research firm that utilizes data from an on-chain analytics startup, Nansen, the number of Ethereum wallets with at least 32 ETH, the minimum number of ETH required for staking is on the increase.
According to the research firm, its number has undergone a 13% increase to about 120,000 over the past year. Arcane Research further stated that the notable increase indicates that Ethereum investors are accumulating to get themselves ready for the launch of ETH 2.0.
Arcane Research shared this, “Another sneak peek into our weekly market report. Are investors getting ready for Ethereum staking? Data from Nansen shows that almost 120,000 Ethereum wallets are ready for staking. This number has grown by 13% over the past year.”
👀Another sneak peek into our weekly market report👀
Are investors getting ready for Ethereum staking? Data from @nansen_ai shows that almost 120,000 @ethereum wallets are ready for staking. This number has grown by 13% over the past year.
Read more here: https://t.co/UKFQKI2jze pic.twitter.com/G3nXhylels— Arcane Research (@ArcaneResearch) June 8, 2020
The Eligibility of Ethereum (ETH) 2.0 Staking
It is required of investors to hold a minimum of 32 ETH in their respective wallets before they are qualified to participate in staking after the Ethereum network upgrade.
Users that participate in staking are directly contributing their digital assets in bringing improvement to the overall function of the network. However, this effort does not go in vain, as they receive dividends in return.
Majority of the Addresses with 32 ETH Belongs to Individuals
During a conversation with a major crypto news outlet Decrypt, the co-founder of Nansen, Alex Svanevik said that virtually all the Ethereum addresses with the required number of Ether for ETH 2.0 staking are owned by individuals rather than crypto exchanges.
He stated that cryptocurrency exchanges own less than 1000 of the accumulated addresses, but they expectedly hold the largest percentage of ETH in Addresses.
Nansen said:
“Specifically, out of the 105M ETH held by the ‘32 ETH Club’ addresses, at least 32M ETH are held by exchange wallets—in other words, [greater than] 30%.”