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The smart contract that will activate the first phase of Ethereum’s most ambitious upgrade has already accumulated sufficient funds for activation.
The Ethereum 2.0 Depository Agreement currently contains 385,440 ($ 231 million) of the 524,288 ETH required to activate the Ethereum 2.0 beacon chain, the central nervous system of the fully restarted network. This represents approximately 75% of the threshold required to trigger the update.
The Ethereum Foundation has set a gradual launch date for the new Ethereum network of December 1, so if the deposit agreement reaches 100% of the required deposits by, for example, November 24, the Beacon chain will be active on 1. December.
The triggering event can also be triggered after this time period, so if the deposit agreement reaches its minimum on November 25, for example, the Beacon chain will trigger on December 2 (or if the threshold is reached by November 26. November, will activate on December 3, and so on).
After a rather slow start, interest in the deposit agreement has grown in recent weeks. Viktor Bunin, protocol specialist at blockchain infrastructure service provider Bison Trails, said the lukewarm start was the result of a “convergence of factors,” including problems with the Medalla testnet and developers pushing updates later than the expected for Prysm and Lighthouse, Ethereum The main implementations of software 2.0.
Addressing a major criticism of the deposit agreement, Bunin said that while some users may be put off by the one-way nature of ETH staking in the contract (once ETH enters Ethereum 2.0, it cannot come out), he said that ” in general the community is extremely enthusiastic about launching Eth 2.0 “.
“There is no chance that Eth 2.0 will not be launched,” Bunin told CoinDesk. “Eth 2.0 is a vision. It’s a push to improve Ethereum to scale support for the entire planet. Even if this launch is unsuccessful for some reason, you can rest assured that the community will learn from it and try and try again. “
