The creation of the ETH 2.0 beacon chain was confirmed for December 1st, after 524,288 ethers were transferred from 16,384 validators to the ETH 2.0 deposit contract since it went into operation on November 4th.
Despite early concerns about low stake participation, transfers to the deposit contract skyrocketed last day – more than 200,000 ETH were sent to the contract in the last 14 hours.
The chain of lights at ETH 2.0 should now be created at the earliest possible start date on December 1st. It occurs seven days after the threshold value of the required payment contract has been reached.
Every single Etherean at the moment pic.twitter.com/ACqF7laFfG
– Anthony Sassano | sassal.eth (@ sassal0x) November 24, 2020
While Genesis participants can only withdraw their coins when ETH 2.0 reaches phase 1.5, in which the Ethereum mainnet is merged with the beacon chain and the sharded environment of ETH 2.0, many Hodlers wait for third parties to start withdrawable staking services , despite the potential risk of exit fraud.
The deposit agreement threshold was reached within nine hours of its deadline.
We made it! Evidence of Ethereum’s chain of ownership will be released on December 1st.
%. We are now at the minimum required for the chain start including the pending transactions pic.twitter.com/kPGNX6qqk6
– Evan Van Ness (@evan_van_ness) November 24, 2020