Upon a successful upgrade on the 1st of December, Ethereum would shift from its current proof-of-work design to a proof-of-stake consensus protocol.
Ethereum 2.0 upgrade, set to launch on the 1st of December, is just 18% ready. For a successful launch, Ethereum 2.0 would need more than 524,000 ETH by the 24th of November. If the required amount of ETH is not staked before the due date, the project may be delayed again. Already, Ethereum 2.0 has been delayed for nearly a year.
According to Dune Analytics, the amount of ETH sent to ETH 2.0 deposit is just about 97,664 out of the 524,888 ETH required for launch. The deposited amount represents 18.63% of the threshold.
In a tweet, a page that tracks the progress of the Ethereum 2.0 Deposit Contract said that about “53,593 ETH daily trend is needed to hit genesis target.”
Notably, all the required ETH for the Ethereum 2.0 upgrade must be deposited to the contract a week ahead of the official launch. Ethereum Foundation core researcher, Danny Ryan, explained that the completed ETH deposited seven days before the 1st of December is part of the requirements for a successful launch. Hence, the required ETH must be completed on the 24th of November.
As of the 10th of November, data from Dune Analytics revealed only 50,000 ETH deposited into the Ethereum 2.0 contract. At that time, the amount deposited was about 9.7% and deposited by 249 “unique depositors.”
Out of the total ETH deposited at the time, Decrypt reported that 13,888 ETH came from just one address. The third-largest depositor into the contract as of the 10th of November was the co-founder of Ethereum Vitalik Buterin.
Decrypt’s recent report reiterated that Buterin committed 3,200 ETH, which equals $1,4 million to the Ethereum 2.0 contract. Also, the report said that just one address deposited 17,088 ETH which is about $8 million.
The Ethereum 2.0 Upgrade: Details
Upon a successful upgrade on the 1st of December, Ethereum would shift from its current proof-of-work design to a proof-of-stake consensus protocol. The long-awaited Ethereum 2.0 would bring scalability to the blockchain network. The upgrade to Ethereum 2.0 will ensure that transactions are validated by who stakes a lot of Ethereum.
In addition, if Ethereum 2.0 launches on the 1st of December as scheduled, it will still not be ready for use. When the required amount for launch is deposited, “Phase 0,” which is the first step of the upgrade, will launch. Experts said that the full transition from Ethereum 1.0 to Ethereum 2.0 would take years.
Over time, the Ethereum developers have put in a lot of effort into Ethereum 2.0. Also, various testnets have been launched to ensure that the upgrade is ready for use.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.