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Only one week left Ethereum 2.0 Stakeout deadline, which will determine whether or not the network switches to its next-generation form, was only promised 18.6% of the required value.
For the launch of Ethereum 2.0 to take effect, 16,384 validators will need to stake a minimum of 32 ether (the cryptocurrency behind the network), which is worth around $ 14,800 at current market rates.
If Ethereum 2.0 is to be released on December 1st as planned, the threshold must be reached with a full week. According to data from Dune Analytics, this means that another 426,000 ether (approximately $ 197 million) will have to be wagered by November 24, which now seems highly unlikely.
Launch of Ethereum 2.0
Ethereum 2.0 was to be implemented in phases over the next few months, but the launch of the Beacon Chain (activated when the necessary amount of ether flows into the network) represents the first fundamental step.
The transition will see the blockchain transition from a Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism, in which participants tie their cryptocurrency to the network as collateral. This model is generally considered a more effective and energy efficient means of maintaining the grid.
However, the apparent inability to achieve the value goal needed to deliver the genesis event has raised unwelcome question marks about the project.
Much of the value wagered by the activation of deposit agreements comes from single and large-scale contributions. For example, Ethereum co-founder Vitalik Buterin promised 3,200 ETH, while another anonymous wallet is responsible for a whopping 17,088 ETH of the total 98,000 ETH pledged so far.
Putting aside the value threshold, with only 458 unique depositors, Ethereum 2.0 is also a long way from hitting the minimum number of participants.
According to Danny Ryan, a developer linked to the Ethereum Foundation, if the necessary figure is not reached before November 24, “the genesis will be activated seven days after this threshold is reached (whenever it will be)”.
If the current staking rate remains constant, however, this means that the first phase of the Ethereum 2.0 project won’t arrive until 2021, adding further delay to a project that has already been running for years.
Via Decrypt
