Almost $1 Billion of Ether Deposited in Ethereum Staking Contract

in #jeolas • last year

A new Ethereum smart contract has become the largest Ether holder, with over 9 million ETH deposited into it. The contract is called Ether Staking Pool and was created on April 4 by an unknown developer.

The Ether Staking Pool (ESP) contract currently holds over 8.4 million ETH ($902 million), according to data from CryptoCompare, making it the largest single address on the Ethereum blockchain. The address has steadily increased its holdings since April 4, when it held just over 7 million ETH ($705 million).

It is not clear who owns the ESP or why they decided to deposit so much money into a smart contract that does nothing but hold their coins. The only thing that ESP does is allow users to stake their Ether until they want to withdraw. In other words, ESP allows people to deposit their money into a savings account and earn interest from it, but only if you keep your money there for at least 30 days (a month).

If you deposit ETH in the ESP and do not touch it for more than 30 days, you will earn 1% interest per month (12% per year). If you want

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