It's official! Ethereum 2.0, the most anticipated update by the crypto community, is about to arrive. The ETH 2.0 deposit contract has more than 100% of deposits ready for the network activation on December 1st.
Vitalik Buterin, co-founder of Ethereum, recently celebrated on his Twitter account the massive influx of deposits in the direction of the contract for the activation of Ethereum 2.0, even though validators were a bit behind during the first few days of this contract's launch.
The ETH 2.0 network deposit contract has been live since November 4th, when the Ethereum Foundation published an official statement to inform the crypto community that Ethereum 2.0 would possibly launch on December 1st of this year. In its statement, the Ethereum Foundation specified that the main requirements to “trigger genesis” on ETH 2.0 were 524.288 ETH deposited to the ETH 2.0 contract address, with at least 16.384 validators on the network. These requirements had to be met 7 days before December 1st, to kick off the first phase of Ethereum 2.0, Phase 0 or Beacon Chain.
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At 15.000 ETH per hour!
Now, by November 10th, 6 days after the Ethereum Foundation's announcement, the ETH 2.0 deposit contract had only 45.537 ETH. Likewise, by November 20, 16 days later, he had just over 105.000 ETH deposited; so while expectations remained high, the community was not so sure that ETH 2.0 would launch on the scheduled date.
However, in an unexpected last-minute change, deposits into the ETH 2.0 contract grew to about 15.000 ETH per hour, so at the time of this writing, the deposit contract has more than 100% of the minimum required for the activation of the genesis on December 1. To date, there are a total of 544.480 ETH deposited in ETH 2.0, out of a total required of 524.288 ETH, exceeding by almost 4% the minimum quota needed to trigger the most anticipated update by the crypto community.
Source: The Block
As The Block's chart shows, deposits began to grow exponentially after November 20, and more recently since this Monday, November 23. The deposit contract reached the minimum threshold on November 24 at around 2:30 UTC, as shown on the Ethereum platform. ETH 2.0 Launch Pad.
The next big upgrade to the Ethereum protocol
Although the change that Ethereum 2.0 promises for the well-known and popular Ethereum network will be carried out gradually, and as reported by this media, it will coexist with ETH for at least 2 years, ETH 2.0 promises greater scalability for payments on the network, also improving the high energy consumption problems it currently faces.
ETH 2.0 will migrate the network to the consensus protocol proof of stake (PoS), where miners are not required but rather validators, who will participate in the network by maintaining a minimum amount of ETH within it, instead of expensive mining equipment.
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