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Blog

Date:
06th Nov 2020
Author:
CryptoAltum Research Team

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.


Details: 

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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