The Ethereum 2.0 release has been confirmed for December 1. Following the transfer of 524,288 Ether (ETH) from 16,384 validators to the Eth2 deposit contract since it was launched on November 4.
Despite initial concerns stemming from low turnout, transfers to the deposit agreement increased rapidly over the last day. More than 200,000 ETH was sent to the contract in the last 14 hours.
The genesis of the Ethereum 2.0 beacon chain is scheduled for December 1. And it will take place seven days after the required deposit contract threshold has been reached.
Ethereum exceeded $ 600
The second most important cryptocurrency on the market managed to exceed USD 600. At the time of writing, Ethereum is trading at USD 601. This is detailed by our internal crypto online tool.
In the last few days, the price of ETH has risen above $ 580. Which could be due to the long-awaited launch of Ethereum 2.0 that fuels this current rally.
The Foundation had released an update on November 4 that the Ethereum 2.0 phase was scheduled for an official launch sometime around December 1 of this year.
The update continued to indicate that the deposit agreement was in effect at the time and you could collect funds to activate participation.
ETH surpassed $ 500 on November 20 and has now gained strong momentum hitting the $ 600 range. Long after it first reached that range in 2018.
Despite a late increase in deposits, Ether 2.0 has reached more than 94%
As we previously announced, the Ethereum beacon chain genesis event is scheduled for December 1. The ETH 2.0 deposit contract has reached more than 94% of its goal.
Almost 499,000 of the 524,288 Ether needed to ensure the genesis of the December 1 beacon chain have been deposited in the ETH 2.0 deposit contract. And there are about 11 hours left until the deadline is met.
Ethereum co-creator Vitalik Buterin has also taken to Twitter. He did this, to celebrate the influx of deposits and to remind people that they must deposit prior to activating the beacon chain if they want to participate in the stakers genesis cohort:
Last week, the crypto community speculated that the deposit contract might not reach its target until well into 2021. As only 50,849 ETH was deposited in the first week of the deposit contract launch.
Many were concerned that the low deposit stake would force further delays, as Ether holders were unwilling to lock their tokens without knowing when they could make withdrawals.
Currently, it is anticipated that stakers will be able to withdraw their tokens in conjunction with the launch of “Phase 1.5”. In which the current Ethereum mainnet will be merged with the new beacon chain and fragmentation system of ETH 2.0. Phase 1.5 is expected to launch in late 2021 or early 2022.