Ethereum 2.0 is about to be launched. On December 1st, ETH 2.0 will officially be launched. However, in order for that to happen, enough validators and the associated ETH must participate in the new network until 1 P.M.German time. If the required number of ETH is not reached, the start of Ethereum 2.0 will be postponed by one week. This will continue until the goal is reached.
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Ethereum 2.0 is just around the corner
After the Bitcoin Halving, Ethereum 2.0 is the biggest and most important event this year. ETH users have been waiting for an update for years. Now the time has finally come. Almost 3 weeks ago Ethereum’s Deposit Contract for Proof-of-Stake (PoS) was opened.
With at least 32 ETH users can participate in the new consensus algorithm as validators in the Ethereum 2.0 network. This creates a new opportunity to participate in Ethereum’s success and to make the network more decentralized.
But beware, Ethereum 2.0 is currently in phase 0 and it is not clear when ETH can be taken out of the deposit contract. Currently, only one deposit is possible. Furthermore, the rewards are not yet finalized.
By 1 P.M. German time today, November 24th, a total of 524,288 ETH must have been deposited in the Deposit Contract. Only then will Ethereum 2.0 be launched on 1 December.
The required number of ETH was not yet reached
Currently, a total of 398,432 ETH have been deposited in the contract. Which means that about 23% are still missing. However, the deposits of the last days give hope that the goal will be reached before the deadline. Altogether in the last 3 days approx. 300,000 ETH were deposited. At the last minute, everyone jumped on the Ethereum 2.0 train.
If the goal is actually reached before the deadline, it is very bullish for ETH. The upcoming update, even if not much happens on December 1st, will attract a lot of attention at Ethereum and could become an additional price driver. After all, over 500,000 ETH will be taken out of circulation.
Decentralized Finance gets a boost with Ethereum 2.0
With the launch of Ethereum 2.0, a new era could begin for the young Decentralized Finance (DeFi) industry. The change from Proof-of-Work (PoW) to PoS will enable far more transactions per second (TPS). In addition, transaction fees in particular are expected to fall drastically as a result.
Nevertheless, it should not be forgotten at this point that the change from PoW to PoS will involve certain trade-offs. By improving scalability, either security or decentralization automatically decreases. This is the well-known trilemma in the blockchain world.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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