Ethereum 2.0 on the Slipway as Deposit Contract is Launched

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  • Ethereum 2.0 has taken a major step towards launch with the rolling out of the deposit contract
  • Early Ethereum stakers can now send their 32 ETH to the deposit contract ready for the launch of Phase 0 on December 1
  • The much needed upgrade looks set for an early 2021 release

Ethereum 2.0, the long-awaited upgrade to the five-year-old Ethereum platform, is finally taking shape with the news that the deposit contract is ready, marking one of the crucial milestones toward the platform’s launch. The rolling out of the deposit contract marks part of the Phase 0 testing phase, which is set for a December 1 launch, putting Ethereum 2.0 firmly on the way to a full rollout early next year.

Ethereum Staking Contract Goes Live

The deposit contract was rolled out without fanfare on Wednesday, allowing those holding the minimum staking requirement of 32 ETH the chance to deposit their funds into the staking contract in preparation for the reward generation to begin. Staking rewards start at 0.14 ETH per month for those staking the minimum amount, currently worth $58.

In order to proceed with the Phase 0 launch, the staking contract must receive 16,384 deposits of 32 ETH each, giving a total of 524,288 ETH. At the time of writing the total stands at 23,301, meaning that only either too few people know about the launch of the staking contract or people are hesitant to send their ETH to the staking wallet.

123,450 Addresses Holding 32 ETH

The threshold must be met by the anticipated launch date of December 1, with the staking mechanism launch until a week after it is met. According to data from Glassnode there are currently 123,450 addresses holding 32 ETH or above, although of course it is not known how many holders are doing so for the purposes of staking.

This important development is a critical part of Phase 0, which Ethereum 2.0 launch coordinator Danny Ryan said back in July would come this year despite skepticism in many quarters.