The launch of Ethereum 2.0 is scheduled for December 1st after the deposit contract reached its destination a few hours ago
The Ethereum network will launch Ethereum 2.0 on December 1st after hitting the deposit contract threshold a few hours ago. The deposit contract for 524,288 ethers was fulfilled a few hours ago and thus set the start of the ETH 2.0 Beacon Chain Genesis for December 1st.
The confirmation came after 16,384 examiners had transferred 524,288 ETH coins to the deposit agreement since it was activated on November 4th. Early on, there were concerns about a low use of ETH. However, the examiners have picked up speed in the past 24 hours and over 200,000 ETH have been sent to the contract within the timeframe.
The Genesis event will now take place seven days after the required deposit threshold is triggered. The Genesis participants only have access to their ETH coins after the update phase 1.5 has been reached. In this phase, the Ethereum mainnet will merge with the beacon chain and the sharded environment of ETH 2.0.
Genesis attendees would wait for third parties to introduce withdrawable staking services so they could regain access to their coins.
The Ethereum network hit the deposit contract threshold nine hours before the deadline. There was a last minute rush in staking the coins, with most deposit contracts being closed a few hours before the deadline.
Ethereum co-creator Vitalik Buterin celebrated the surge in deposits and urged more people to make deposits before the chain of beacon lights were activated. Those who were deposited prior to activation can participate in the Genesis event.
He tweeted: “The deposit contract is 460,000 ETH (~ 87.7% of target), and there are still 12 hours left until the earliest possible activation time! (It starts seven days after activation; 524288 ETH must be reached for activation.) “
There have been doubts within the crypto community about Ethereum’s ability to hit the deposit threshold. Some crypto enthusiasts speculated that the deposit contract threshold may not be reached until next year, as only 50,849 ETH were deposited in the first week after the contract started.
With the upcoming launch of the Genesis beacon, Ether has done a great job over the past few days. ETH is up more than 350% this year after starting the year at $ 135 per coin. It is currently trading above the $ 600 mark and could rise in the coming weeks.