Eth 2.0 Phase Zero to launch on December 1st as 524K ETH requirement in the deposit contract met

Eth 2.0 phase zero will launch by December 1st after the 524,000 ETH threshold requirement for Beacon Chain activation was achieved.

By · Nov 24, 2020 . 5min read

Eth 2.0 Phase 524K ETH requirement  deposit contract news

A journey of five years since the creation of Ethereum continues to gain momentum as it’s now official that Eth 2.0 phase zero will launch by December 1st after the 524,000 ETH threshold requirement for Beacon Chain activation was achieved and surpassed some hours back.

Eth 2.0 Phase Zero to launch on December 1st as 524K ETH requirement in the deposit contract met
Eth 2.0 Launchpad

According to data from Dune Analytics, at least 1,798 unique depositors in no less than 14,731 transactions deposited these number into Eth 2.0 deposit contract.

Crypto Twitter and most especially Ethereum enthusiasts have been expressing their excitement on as Ethereum’s move to transition to Proof-of-Stake blockchain becomes even more realizable.

At some point, after deposit contract release and date set for it to hit the minimum threshold in ETH, there were doubts. Apparently, it appeared as though validators were instead depositing slowly into the deposit contract. Obviously, those doubts stemmed from the fact that Eth 2.0 has been so much hyped more, especially due to the crippling charges as the network was supercharged due to heightened DeFi activities.

Eth 2.0 will go live by 1st December 12 PM UTC.

According to Ethereum Foundation, at precisely 12 PM UTC, Phase Zero of the Eth 2.0 will happen. That will be exactly one week from now.

Consequently, ETH price moved up considerably crossing the $600 mark. Ethereum price has been on a rally since about a month now. It has done at least plus 5% within 24 hours. ETH gained at least 50% in the last one months and currently trading at $615.

After very tedious work from the vast Ethereum developer community, perhaps the over 100,000 plus throughput will become a reality. Vitalik made these assertions less than a week back in an AMA session.

The network upon transition will allow validators to confirm transactions on the network by staking 32 ETH; the minimum requirement. And as Eth 2.0 launches by December, more validators means more ETH staking and lock-up.

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