Ethereum 2.0 Launched Beacon Chain, ETH Still has Long Way Ahead

Ethereum 2.0 Launched Beacon Chain But Still has Long Way Ahead
  • The genesis block of the Ethereum 2.0 beacon chain launched.
  • Ethereum 2.0 is generally divided into phases.
  • ETH up about 380% since the start of the year.
  • Recently, Coinbase announced its plan to launch Ethereum 2.0 staking.

Despite the genesis block of the Ethereum 2.0 beacon chain launch, the fully realized transition to ETH2 could still have a long road away from completion.

However, the development of Ethereum 2.0 is generally divided into phases. Phase 0 is the Beacon Chain that will bring up proof-of-stake to Ethereum. This is a new way for people to keep Ethereum secure.

Furthermore, Phase 1 introduces the sharding of data, increasing storage facilities without directly influencing the performance of the application. Finally, Phase 2 fully introduces transaction sharding and enables thousands of transactions per second of throughput.

Ethereum, the world’s second-biggest cryptocurrency by market cap. According to CoinGecko, ETH price is at $595, at the time of writing. And it is up about 380% since the start of the year. Moreover, last week for the first time ETH increased above $600 since June 2018. 

ETH Price Chart 1-Month (Source: TradingView)
ETH Price Chart 1-Month (Source: TradingView)

The launch will be especially welcomed by the decentralized finance community. The explosion of DeFi during 2020 saw a huge increase in traffic and gas fees on the Ethereum network. Further, Coinbase recently announced its plan to launch Ethereum 2.0 staking by next year.

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