Ethereum 2.0’s Launch Threatened By Low Deposits From Validators

November 18, 2020

Although December 1 has been scheduled for the deployment of phase of Ethereum 2.0, the actual deadline for the launch is 12 pm, Tuesday, November 24 GMT. For phase 0 to be launched, a total of 524,2288 ETH has to be allocated in the contract.

Data released by dune analytics have predicted a delay in the launch as it is just seven more days left. As at the time of the publication, only about 18.75% (98,304 ETH) have been deposited.

An essential piece of #Ethereum’s Serenity upgrade, the Beacon Chain’s deposit contract, is live. This begins a transition to #Eth2.@EthDotOrg Guide: https://t.co/PkKwLnXKS4
Launchpad: https://t.co/CFgFwAs46f
Deposit Contract Address: 0x00000000219ab540356cBB839Cbe05303d7705Fa

— Ethereum (@ethereum) November 4, 2020

Eth2 coordinator, Danny Ryan, stated that in order to trigger genesis, there has to be a minimum of 1638432-ETH deposited. The validator deposits must happen seven days before December 1. Otherwise, genesis would kick-off after the threshold has been reached.

Another revelation by Dune Analytics shows that just 3,077 transactions by 476 single depositors have been made. There’s been a steady increase in the accumulated ETH since the contract was launched a few days ago.

There was no recorded significant participation between November 6-12, but the trend changed on the 14th and 15th of November with over 16,000 ETH sent. The data shows that there still has to be a deposit of 80% of ETH.

Author: Chris Mharc

Hello, I am Christ Marc, a young crypto enthusiast who has been in the market for a few years, I heard from bitcoin via a few friends and since then I became deeply interesred in this technology, now I am pursuing my studies with the incentive to master tomorrow's technology.