Eth2 Beacon Chain Mainnet to Launch on 1st December
In less than a month, the first phase of Eth2 will launch following the announcement of the Beacon Chain deposit contract address and date. Validators are required to deposit at least 32 ETH a week before Dec 1, 2020, 12 PM UTC as one of the conditions for launch. If not, it shall be postponed until after the threshold is reached.
Eth2 will enable ETH staking. Before activation, there must be a deposit contract for pooling together 512,000 ETH, the minimum threshold for the Beacon Chain mainnet to go live. The announcement is a bullish move for ETH, placed at the center of Ethereum’s security.
Impact on the ETH Price:
Bullish. The Ethereum price soared above $400 following the foundation’s confirmation of the deposit contract address and date ahead of the Beacon Chain mainnet launch. Aforementioned, the security of the Proof-of-Stake blockchain is highly sensitive to prices. Therefore, the probability of ETH correcting even higher is high.
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