The launch of Ethereum 2.0’s Beacon Chain will now occur on its scheduled date of December 1 as the deposit contract has passed the threshold of 524,288 ETH that was required for initiating this launch. Reportedly, more than 540,000 ETH by validators has been sent to the deposit contract of Ethereum. ETH 2.0’s deposit contract has met the required threshold hours before the deadline.
Ethereum released the deposit contract address of Ethereum 2.0 earlier this month and also announced to launch the beacon chain of ETH 2.0 on the 1st of December. A threshold of 524,288 ETH by 16,384 validators was needed for the activation of the upgrade’s beacon chain. However, the smart contract now has sufficient funds for initiating the launch of Phase 0.
In the beginning, the deposit contract witnessed low participation from validators. The contract, however, has seen a rapid increase in transfers during the past 24 hours. More than 20,000 ETH was sent by validators to the deposit contract address within the duration of the last 14 hours. According to updates provided on Ethereum.org, the smart contract met the threshold on the 24th of November at around 2:30 UTC. The target was achieved with hours remaining in the final deadline. As of 22:45 UTC on November 23, only 385,440 ETH was held on the deposit contract. The remaining 25 percent was completed within the duration of just four hours.
The Ethereum Foundation was hoping to get enough staked funds on the deposit contract one week before the launch of the first phase of ETH 2.0. With the completion of the threshold, there are now enough funds held on the contract that the foundation can initiate the launch of the upgrade.
The Ethereum 2.0 upgrade will see the network shifting from the Proof-of-Work (POW) algorithm to the Proof-of-Stake (POS) algorithm. The Ethereum Foundation aims to boost the scalability, efficiency, and speed of the network through this upgrade.
Meanwhile, the price value of the native cryptocurrency of the Ethereum network has spiked above $600. At the time of writing, the price value of the second-largest cryptocurrency is trading at $607 with a change rate of nearly five percent. The Ethereum 2.0 upgrade is considered to be the major driving factor behind this growth of Ether.