Eth2 Deposit Contract Amasses Over 60% of ETH Required for Phase 0 Launch

Ethereum 2.0 launch is on the horizon, almost.

Eth2: 60% Loaded

Network participation seems to be increasing at a rapid pace for the Eth2 launch.

According to the latest stats, the Ethereum 2.0 staking deposit contract has already crossed over 60% of the threshold required for the launch of its highly-anticipated Phase 0.

At the time of writing, a total of 334,880 ETH has been deposited into the contract worth more than $200 million at approximately $600 per ether.

The remaining balance – out of the required 524,288 ETH – must be deposited by Tuesday 12 UTC (7:30 am EST), for the Eth2 phase 0 to launch successfully. Notably, the earliest possible launch date for Eth2 is December 1, 2020.

Over the past few days, the number of ETH locked in the smart has been skyrocketing.

However, with one day left (November 24), it remains to be seen whether the smart contract platform is able to amass enough ETH to launch successfully by December 1. Otherwise, the launch will be delayed until the time the required ETH threshold is reached.

It’s worthy of note that once the threshold is reached, Eth2’s unofficial backbone network – the beacon chain – will be activated which will help power the entire eth2 network.

As previously reported by BTCManager, Ethereum developer, Danny Ryan had recently opined that Phase 0 of Eth2 can still launch on November 24 despite it not meeting the set threshold. In an AMA session, Ryan stated that it makes no sense to leave the deposited eth “in limbo for too long” and that should it come to it, adjustments could be made to reduce the eth threshold.

After the successful launch of the beacon chain, the transition to a fully-fledged Eth2 network would follow which would involve a multi-phase approach.

Support from the World Over

The launch of Eth Phase 0 is definitely not going unnoticed.

As reported on November 19, Bitcoin Suisse announced that it plans to offer ETH staking services from day one of the Eth2 launch.

In the same vein, BTCManager reported recently that Dubai-based investment firm IBC Group had announced it was staking ETH worth a whopping $10 million to support the Eth2 launch.

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