- The Ethereum 2.0 dubbed as “Beacon Chain” will launch on December 1st.
- Investors will have until tomorrow UTC to deposit.
- Holders will have to wait for third parties to enable staking services.
Ethereum’s deposit contract attained its threshold of 524,288 Ether and is set to launch on December 1st. Its confirmation came in just nine hours remaining to the deadline.
Despite the early concerns from the low staking participation, the transfer increased with more than 200,000 ETH in the past 14 hours. 524,288 Ether was transferred from 16,384 validators since the deposit contract went live on Nov. 4.
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Note that the genesis participants will not be capable of withdrawing their coins until the beacon chain reaches phase 2.
What’s more, with the genesis taking place just seven days after the required deposit threshold contract was met, many holders are waiting for third parties to enable staking services. It is despite the potential risks of Ethereum-based scams.
The Ethereum 2.0 contract was released early in November and has accrued more than 540,000 ETH by Monday night. It significantly contributed to ensuring that the change from the second-largest cryptocurrency to the proof-of-work mechanism took place. The last 25% ETH required to trigger the contract was deposited only four hours before the deadline.
Ethereum also saw its price rise by more than 10% in 24 hours. For the past time in two years, it surpassed $600. However, the network isn’t launching just yet. The launch will activate the beacon chain and run alongside the existing Ethereum network.
The founder of WeekInEthereum and one of the grants at Ethereum, Evan Van Ness, tweeted minutes after hitting the target, stating,
“We did it! Ethereum’s proof of stake chain will launch on December 1st.” We have now reached the minimum necessary for chain launch, including the pending transactions.”
He also informed his followers in the comment section, saying that they had until tomorrow UTC to deposit if they want to be part of the genesis block, which was about 9 hours from that time.
The backbone of the decentralised internet
In an interview conducted by CoinDesk, back in July, Danny Ryan, Ethereum Foundation developer, and the Ethereum 2.0 coordinator stated that the upgrade 2.0 will add tons of intrinsic value to the system.
“I think that crypto markets are pretty wild and new and people have trouble figuring out how to value these things but in terms of intrinsic value [Ethereum 2.0] is an incredible upgrade that is going to enable Ethereum to be the backbone of a decentralized internet,”