Ethereum 2.0 is coming! – After years of waiting and hoping to improve the Ethereum Blockchain, the upgrade to Ethereum 2.0 is now just around the corner. The earliest possible time for the 1 phase of the upgrade is December 1st, 2020. However, in order for this to be achieved, a minimum amount of ETH must be stored on the beacon chain.
Now it has been shown, however, that just 10% of the total amount was deposited with ETH. Is there no interest in the project at all or do investors consider the risks too high?
Ethereum 2.0: Only 10% of the minimum amount deposited at ETH
The current status of the Beacon Chain, which will go live on December 1st, 2020 at the earliest, can be viewed on the official Ethereum website .
However, it shows that just 11% of the minimum amount was deposited with ETH.
Ethereum2_0_Beacon Chain Status
Of the required minimum amount of 524.288 ETH, only 61.024 ETH have been deposited at the current time.
In absolute numbers, investors and Ethereum enthusiasts deposited just $ 27.5 million out of a total of $ 240 million.
Let’s remember: 9 days ago the official launch of the Ethereum 2.0 deposit contract took place. There are still 18 days until the earliest possible start.
So now 1/3 of the time, namely 9 of a total of 27 days, has passed.
Ethereum needs more deposited ETH
If the growth were to stay the same, then there would be just another 120,000 ETH in the next 18 days. All in all, on December 1st we would then have a deposited amount of ETH of around 180,000 ETH and thus still well below the required 500,000 ETH.
In addition, when launching a project, one usually observes an extremely strong effect in the initial phase, which decreases over time. Specifically, this means that the amount of ETH stored – as happened in the past with many projects – is particularly high at the beginning.
We also have to consider that the Ethereum developers built some kind of delay into the system. As soon as the minimum amount at ETH has been reached, another 7 days will pass until the official launch of the Beacon Chain.
At the current rate of 60,000 ETH in 9 days, we would need another 40-50 days for the remaining ~ 460,000 ETH. In other words: The Beacon Chain will probably not come until mid to late January 2021.
Staking support for Ethereum 2.0
One reason for the hesitant behavior is probably the lack of staking support without rudimentary coding knowledge.
Potential staking providers like Coinbase will probably wait a few days or even weeks before offering Ethereum 2.0 staking on their platform. Only when the network has been stable for an adequate period of time will the major exchanges enable their customers to stake ETH.
In other words, if you want to do Ethereum staking in the first few weeks, you have to have little coding knowledge. Even if the setup process isn’t overly complicated, it will nonetheless put off many users and investors.
The irreversibility of the transactions is another factor. Anyone who uses their ETH on the Beacon Chain once has no way of going back to “the old Ethereum”.