Over 30,000 ETH staked ahead of Eth2 Beacon Chain Mainnet
Less than 24 hours after the Ethereum Foundation and Vitalik officially announced the deposit contract address and a possible date for Phase 0 Beacon Chain mainnet launch, over 24,000 ETH have been deposited by prospective validators. Exactly 524, 288 ETH, and 16,384 validators are required for activation.
Ethereum is inching closer to powering off the Proof-of-Work machine for staking and validators. Projected to be efficient and secure without impacting decentralization, Proof-of-Stake also sets the ball rolling for Sharding and other scaling solutions needed to rid the present challenges around high network fees. Phase 0 is the first of the three stages which culminate in Serenity marking the full rollout of Ethereum 2.0. More changes will be made in the future since Ethereum always has been a working progress.
Impact on the ETH Price:
Bullish. Although ETH has been outperformed by BTC thanks to the latter’s emergence as a store of value and the former as a world computer, a successful rollout will increase odds of further gains above $500 and a printout of new 2020 highs.
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