The deposit contract for Ethereum’s long-awaited 2.0 upgrade was released last Wednesday, meeting its recent deployment target of late 2020. But with 49,000 ETH deposited, the contract still needs another 15,000 validators to meet its 524,288 ETH genesis threshold.
The deposit contract for Ethereum’s 2.0 upgrade went live on Nov. 4, prompting devoted members of the community to send roughly 49,000 ETH in anticipation of staking. To meet the genesis threshold, the contract will need to receive a total of 524,288 ETH.
Beacon Chain Announced, Ethereum Community Assembles
The release launch is the first step in deploying the Beacon chain, the initial stage of Ethereum’s highly-anticipated Serenity upgrade. ETH holders have the opportunity to provide security to the network in exchange for staking rewards, which are projected at around 20% APY on launch.
A validator needs to contribute exactly 32 ETH, valued at around $14,326 at the time of writing.
But the high cost of entry and technical difficulties and potential risks—users are essentially required to burn their ETH into the contract—could limit many investors from staking early on. Continue Reading