Quick grip:
- Binance CEO CZ has hinted that he will buy 32 ETH
- He explained that Ethereum will be used to support ETH development
- 32 ETH is the minimum staking requirement on ETH2.0
- ETH2.0 requires at least 16,284 validator deposits of 32 ETH each to activate Phase 0
- According to CryptoQuant.com, the required ETH deposits appear to be decreasing
Binance CEO Changpeng Zhao hinted via Twitter that he could purchase 32 ETH to support development on the Ethereum blockchain. CZ exact statement was the following.
I could buy 32 #ETH, just for the cause.
Not financial advice. I’m just supporting the development of ETH.
CZ’s words are clear in the sense that his intention to purchase 32 ETH is to stake them as part of the Ethereum required to activate Phase 0 of ETH2.0.
A total of 16,284 deposits of 32 ETH are required to activate this phase of ETH2.0 which is estimated to take place on December 1st. Additionally, the required Ethereum (ETH) must be deposited 7 days prior to the aforementioned date for Phase 0 to occur as expected.
Deposits of the 32 ETH required appear to be falling
CZ’s reflection on buying 32 ETH could be the result of a decrease in Ethereum deposits required for ETH2.0.
At the time of writing, there has only been one deposit for today of the minimum of 32 Ethereum. Additionally, the required Ethereum deposits decreased around 6 November. The screenshot below from CryptoQuant provides a better visual signal of the situation. This is a graph of the price of Ethereum (black) plotted together with the number of Ethereum inflows (orange) in the ETH2.0 deposit contract per day.
Why Ethereum deposits for ETH2.0 could be down
According to a recent Twitter survey by CryptoQuant.com CEO Ki Young Ju, 45% of respondents believe the declining rate of ETH deposits may be due to investors not having an interest in ETH2.0 Phase 0 .
Below is a screenshot of the survey by Mr. Ju. The survey is still running for another 4 hours with 807 people participating so far.
From the survey, it can be seen that a significant amount of respondents believe that the reduction in ETH deposits to activate Phase 0 of ETH2.0 could also be due to the lack of rewards for staking at this stage.
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