Ethereum 2.0 Network’s has fulfilled the requirements for Phase 0 launch of the Network
Ethereum has reached a milestone with confirmation that Ethereum 2.0 Phase 0 is all set to get launched on December 1 as scheduled. The main criteria of Ethereum 2.0’s network fulfilling the minimum ETH staking requirements of 524,288 ETH is successfully accomplished as Ethereum 2.0’s deposit contracts received 600,000 ETH today which is 15% more than the minimum threshold requirement for the genesis launch of the Ethereum 2.0 network, with the Network’s Beacon Chain all set to come to life.
30% of Minimum Staking requirements fulfilled by the top ten depositors
18,000 validators have staked their ETH on Ethereum 2.0’s deposit contracts with more than 30% of the minimum ETH threshold requirement (524,288 ETH) coming from the top 10 depositors with the total ETH from these whales amounting to 180,000 ETH. As more depositors stake, the concentration of stakes by these whales is expected to get diluted.
Few days back, it was uncertain if Ethereum 2.0 could meet the minimum staking threshold requirements
Just 3 days ago, Ethereum 2.0’s deposit contracts had only 100,000 ETH staked which was just 20% of the minimum ETH threshold requirements necessary for the launch of the Beacon Chain . Yesterday evening the update was that Ethereum 2.0’s deposit contracts had fulfilled 60% of the necessary ETH staking requirements (524,288 ETH) for the activation of version 2 of the Ethereum Network. Today, the ETH staked on Ethereum 2.0’s deposit contract exceeded the minimum threshold requirements of 524,288 ETH.
All this shows that in the past few days, deposits have been pouring into Ethereum 2.0’s deposit contract .
ETH experiences exponential price moves in this Ethereum 2.0 staking period
Meanwhile, the price of ETH has risen by almost 60% since the time, the deposit process for staking in Ethereum 2.0 was opened on November 4th as the price of ETH has risen from 385 $ to now above 600$ range now.
ETH's price surpassed 600$ today
Lots of Development milestones to be fulfilled for Ethereum 2.0 network to become functional
All this is great news for the Ethereum Network. However, there is a lot of work left for the Ethereum team to do, to have the Ethereum 2.0 network completely functional and ready to use. Still, the scene looks bullish for Eth for now.