January 25, 2021

A Crypto Investor

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Ethereum Community Reaches Milestone 524,288 ETH ($328M) Deposits Towards Eth2 Launch

It’s all done and dusted. The Ethereum community has raised and locked in the 524,288 ETH ($328 million) required to launch phase 0 of the long-awaited ETH 2.0. The raise was completed approximately ten hours ahead of the 12:00 UTC deadline today, Nov 24.

Eth 2.0 stake complete

Source: Etherscan.io

As Coinfomania reported upon the release of the eth2 smart contract address, a minimum of 524,288 ETH and 16,384 validators were required at least seven days before the official launch date on Dec 1. Interested validators were to commit at least 32 ETH each, which cannot be withdrawn until phase 0 is complete.

At the time of writing, 525,088 ETH has already been deposited at the address. This means that eth2 phase 0 will go live on Dec 1 at 12:00 UTC, kickstarting the network’s long-awaited move from the proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

After an initial delay where less than ten percent of the said target was deposited in one week, the deposits started to pour in, including a 20,000 ETH commitment by Dubai-based investment firm, IBC Group.

Ether (ETH) Price Reacts to Supply Shock

In the days leading up to the latest milestone for the Ethereum community, the price of the project’s native token, ETH skyrocketed. ETH is up over 10% in the last 24 hours, and 32% in the last seven days, as investors continue to speculate on a potential price shock.

Worth noting is that the over 525,088 ETH committed to launching of eth2 cannot be withdrawn until phase 0 is completed (appr. within 18 months).

Ether (1-month) Chart

Ether (ETH) 1-month chart via CoinMarketCap

At the time of writing, ETH was trading at a $616 price and had a $70 billion market cap.

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Original Article
Author: Wilfred Michael