The most awaited first phase of Ethereum 2.0’s deposit contract address has been deployed. The developers are setting up for a genesis block event on December 1, 2020.
Ethereum 2.0 is considered to be the network’s largest update. The upgrade introduces many protocol improvements, including economic changes impacting regular users. It took a few years to complete.
Ethereum is one of the well-known digital currencies in the crypto space. According to CoinGecko, Ethereum price is at $412 with a 24-hour trading volume of over $12.8 million, at the time of writing.
An update was published by the Ethereum Foundation on Wednesday explaining the genesis process is awaited to happen. Prospective stakers can now deposit their 32 Ether (ETH) deposits to the contract through the dedicated launchpad and get ready for the launch.
However, the contract must get a total of 524,288 ETH (approx. $200 million), to begin the launch. The said total can be collected by 32 ETH on every 16384 deposits. Furthermore, in case the amount doesn’t meet, the launch will postponed for seven days after the threshold hits.
Few hours after the news, the number of ETH addresses holding a minimum of 32 ETH hit an all-time high of 126,852. Moreover, the number of addresses maintaining a minimum of 0.1, 10, or 100 Ether has also risen to the record highs of 3,616,246 addresses, 293,183 addresses, and 52,943 addresses, respectively.
Nevertheless, this indicates increased accumulation from speculators and prospective validators. Moreover, Phase 1 and Phase 2 transitions expected to take place in the next few years. However, at some point, it will move the existing Ethereum infrastructure and state to the new consensus-based on staking.