The Ethereum network’s ETH 2.0 contract has crossed the threshold needed to initiate the upcoming upgrade. Currently, there’s more 694,368 ether worth over $422 million resting in the contract, as developers hope the proof-of-stake launch will begin on December 1.
At the end of the first week of November, the Ethereum Foundation initiated the first process of the highly anticipated Ethereum 2.0 (ETH 2.0) upgrade specifications, which detailed the initial rules of the genesis phase 0. The genesis phase 0 contract specification noted that there needed to be approximately 524,288 ETH and at least 16,384 validators to invoke the proof-of-stake process.
The requirements needed to kickstart Ethereum 2.0 for December 1, mandated that the threshold be met by November 24, 2020. Additionally, a web portal called Launch Pad was published so users can learn how to be an ETH validator and secure the blockchain.
The requirements needed to spark the genesis phase 0 process were officially completed on the 24th and there’s now 694,368 ether worth $422 million in the contract.
The contract address has seen approximately 16,736 transactions of around 32 ether per transaction. 32 ETH is what is needed to become a validator and earn a stake on the Ethereum chain. At the current exchange rate of $608 per ether, it costs close to $20k per staking validator. Roughly the last 25% of the ether needed to meet the threshold was deposited into the contract in less than a four-hour timespan.
Following the deposit milestone, a great number of Ethereum proponents and developers celebrated. “We reached it,” said Ethereum 2.0 R&D member Hsiao-Wei Wang. “Thanks to all the Eth2 teams and the community that wrote the history. And thanks to the Ethereum critics who made us stronger. Don’t forget to update your Eth2 client in a couple days,” Wang added.