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Approximately 16,384 validators got involved in ETH 2.0 deposit contract that saw the threshold achieved hours before the deadline.
The Ethereum ecosystem is fully set to welcome the next phase of decentralized internet development. Apparently, after experiencing a shaky start, the ETH 2.0 developers confirmed that the Ethereum’s deposit contract has met the expected threshold to trigger the December 1 initial phase launch.
Notably, nine hours before the deadline, the Ethereum deposit contract had 524,288 ETH locked in its system. Hereby stamping the official launch of the Beacon Chain genesis set in a week’s time.
Preparation for ETH 2.0 Initial Phase Launch
Approximately 16,384 validators got involved in ETH 2.0 deposit contract that saw the threshold achieved hours before the deadline. Notably, the Ethereum 2.0 deposit contract has been active for the past three weeks, precisely since November 4. The Ethereum ecosystem is a step closer to achieving the dream of having proof of stake away from the traditional proof of work. This is expected to solve existing system issues of scalability among others. Moreover, the network will be more eco friendly as less energy will be required to run the blockchain network.
With over $325 million staked in the Ethereum deposit contract, the beacon chain genesis can now run smoothly alongside the existing blockchain network until a complete transfer of services is done sometime later in 2021.
As a result of the confirmation, Ethereum price has jumped over 4.1% in the past 24 hours to trade slightly above $604 at the time of reporting according to the metrics provided by CoinGecko. The asset still holds the second largest market capitalization with approximately $68,682,436,198 at the time of writing. In addition, Ethereum’s past 24-hour trading volume stands at $22,944,043,844. There are around 113,554,259 units of Ethereum in global market circulation.
As more Eth gets staked while other held by both institutional and retail investors, its market price is poised to experience a heightened volatility as the demand increases by the day.
Ethereum price is now up approximately 297.7% in the past twelve months. In addition, the asset has managed to rise 46.7%, 35.8%, and 31.0% in the last 30 days, two weeks and seven days respectively.
The success of the Eth 2.0 deposit contract has not come without its notable challenges. Several testnets have been previously launched whereby some have failed while others worked but more importantly taught the team important aspects to perfect the awaited beacon chain.
Speaking to news outlet Coindesk, Viktor Bunin, a protocol specialist at blockchain infrastructure service provider Bison Trails, said he was confident with the team’s ability to deliver on the set deadline.