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Phase 0 of Ethereum 2.0 was formalized for launch around December 1st. The deposit agreement is active and can raise the necessary funds to activate staking.
An Ethereum Foundation update released Wednesday explains how the genesis process should take place.
Potential stakers will now be able to deposit their 32 Ether (ETH) deposits on the contract via the dedicated launchpad and prepare for launch.
The contract must raise 16384 deposits of 32 ETH each, a total of 524,288 ETH or approximately $ 200 million, to proceed with the launch.
The required amount must be raised at least seven days before the scheduled launch date of December 1st. Otherwise, the launch is postponed to seven days after the threshold is reached.
The announcement marks the first time a clear date has been set for the launch of Ethereum 2.0, after many years of anticipation and delays.
The community has reported its availability, but there may still be potential problems with customers. The reliability of the Medalla testnet has faltered in recent days, often failing to finalize due to issues with participation. While many believe this is due to a lack of staking incentives, some software issues have also been reported. However, the team considers most software clients to be “mainnet launch ready”.
The end of one journey also marks the beginning of another: the launch of Phase 0 will not directly affect the existing Ethereum blockchain, which will continue to function as before with proof-of-work mining.
The Phase 1 and Phase 2 transitions, expected in the coming years, will at some point shift the existing Ethereum infrastructure and activate the new staking-based consensus.
