We dive into the kick-off of the multi-year transition to ETH 2.0, starting with the significance of Phase 0, development of the staking service field, changing value proposition of ETH, and more. The launch has partially fueled an ETH rally for which we dig into deeper and we also cover the growth of DeFi underpinning the success of the dominant smart contract platform.
Key Takeaways:Since early Aug., there’s been a 15.2% decline in the amount of ETH held by centralized exchanges, a bullish sign. Last time a decline of such size was seen was during the 2017 bull run. Over $581M in value locked in the ETH 2.0 Deposit contract (0.86% of supply / 974k ETH).Staking service providers like Staked, Bitcoin Suisse, and StakeFish already account for 29.1% of all deposits. Increased competition in staking is great for reducing barriers to entry and wider validator adoption for network security. This combination however makes yields less attractive over long run, a