Ethereum 2.0 has reached 10% of the minimum ETH required to launch the beacon chain, but is there still 90% left?

Five days after Ethereum 2.0’s deposit contract went live, a total of 57,633 ETH has been deposited , representing more than 10% of the 524,288 ETH threshold, worth about $240 million, required for Phase 0 (the Beacon Chain) to launch on December 1.

As the next generation of Ethereum, ETH 2.0 is a multi-year project that will improve the limitations of the Proof-of-Work (PoS) consensus without compromising decentralization .

In an official update, ETH 2.0 lead developer Danny Ryan also announced the Mainnet launch of the Eth2 Launch Pad, which will guide investors to gradually become validators.

Since the announcement, addresses holding more than 32 ETH have grown by 5% month-over-month (MoM), while the supply of ETH held in smart contracts has decreased significantly.

The amount of staked ETH is climbing rapidly, but the network still needs 471,679 ETH from 16,384 validators, with each validator needing at least 32 ETH.

Ethereum co-founder Vitalik Buterin deposited 3,200 ETH worth 1 million into the contract shortly after its release. ETH 2.0 requires validators who are incentivized by high rewards to ensure and help the network reach consensus.

The benefit of early bird trading on ETH 2.0 is that its annual percentage yield (APY) is relatively generous. For the minimum stake amount, validators will receive approximately 36% APY, 18% APY on 1 million ETH staked, and 10.2% APY on 2.5 million ETH staked.

Following the announcement, Ethereum’s price hit multiple records, with analysts predicting that Ethereum could break through the expected $500 and go as high as $800 . ETH is currently up 2.97% at $464.

Cryptocurrency trader and technical analyst Rekt Capital said, "ETH is seeking support at $433 , ETH/USD is preparing to break out of this funding channel, once fully confirmed, ETH will rebound to find a new channel for funding flows. "

The launch of the deposit contract marks the official migration process from ETH 1.0 to ETH 2.0. Of course, each deployment depends on many factors. The transition will be divided into at least four phases: Phase 0, Phase 1, Phase 1.5, and Phase 2 will last until 2021.

The roadmap suggests that Phase 2 is still in the research phase and even the launch of Phase 0 will depend on how many validators are active on the network before the expected launch date.

Danny Ryan wrote: “For this to happen, there must be at least 16,384 32-ETH validator deposits 7 days before December 1st. Otherwise, it will happen 7 days after this threshold is reached (whenever that is).”