Ethereum 2.0 v1.0 was just released along with its central network deposit address. With this version, Ethereum 2.0 will have genesis 1606824000 – December 1, 2020.
In October, Ben Edgington gave an update on the progress, saying that the launch could be days away. True to his words, Ethereum 2.0 is finally here.
Ethereum Price Surge after Ethereum 2.0 Deposit Contracts Launch
As expected, ETH‘s price rose above $407 in response to the long-awaited news. Yesterday, ETH fell below $375, opposite to bitcoin’s pooling.
But today, when BTC came back above $14,200, the crypto market turned green, as did ETH, which continued to grow.
As noted last month, ETH lockdowns on stakes could result in potential supply shocks, meaning “sharp jumps in price and triggers” due to “unprecedented levels of FOMO retail.”
Unusually, when ETH led the rally, Bitcoin caught the eye, as its value was up 30% in October rather than just 12% of Ether. But when Bitcoin bounced back to the all-important $14,000 level, Ether was up 6%, the biggest winner among the top 35 cryptocurrencies.
$5 million Deposits in Just Eight Hours
The long-awaited deposit contract for Ethereum 2.0 has finally been concluded and opens the door to betting opportunities for ETH owners.
According to observers, deposits started in earnest with ETH landings of over $1 million in the first half-hour.
A little over 14,000 ETH is at stake, according to ETH 2 Launchpad. At today’s prices, around $ 5.5 million. It required 524,288 ETH of 16,384 validators to start an event to generate a core beacon network.
The Ethereum team and several community members have set December 1st as the date for this to happen. The target amount must be in the contract seven days before the start of phase 0. Otherwise, the network will postpone the event for a week until the threshold is reached.
Crypto Community Woes
The launch of the deposit agreement has sparked debate about betting in the crypto community, and so far, there seem to be doubts among regular investors. In DeFi’s third-quarter report, ConsenSys suggested that the odds for higher returns on DeFi could hinder staking.
By comparison, the $ 5 million deposited was only a third of what DeFi degens put into an unrevised, unpublished, hacked contract while developer Andre Krone was sleeping.
One reason for the doubt might be that the Beacon Chain’s ETH stack has to be locked for a long time, making some people wonder if the returns warrant it. ETH 2 Launchpad explained that transfer between validators is disabled until at least phase 1. Validators have to wait until phase 2 (about two years) to withdraw to a specific section.