27.5 C
New York

Ethereum 2.0 Deposit Contract Surpasses 350,000 ETH


Ethereum 2.0 Deposit Contract Surpasses 350,000 ETH Blockchain, Featured, Home, News CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

The ethereum 2.0 deposit contract is getting close to reaching the minimum requirement of 524,000 eth with more than 350,000 eth deposited so far.

That’s after an extra ◊80,000 was deposited today, quite a bit more than the circa 50,000 eth sent yesterday.

Meaning it looks extremely likely the genesis block will go out next week, launching the new ethereum Proof of Stake blockchain.

If ◊180,000 is deposited today and tomorrow, thee genesis block will launch on December the first.

It’s currently unclear whether that will occur, but at this stage it looks extremely likely the minimum will be met by Wednesday.

That would mean a genesis block launch on December the second, with such launch now clearly occurring next week in any event.

The initial depositors will receive 25% in staking rewards provided it stays at just the minimum of circa ◊500,000.

That may be unlikely, with staking rewards changing but even if 10 million eth is deposited, or 10% of ethereum’s total supply, they still receive a yearly reward of 10%.

These deposited sums are locked for at least two years, something that may well cause a sell side liquidity shortage for eth, as the halving did for bitcoin.

Hence eth’s price has briefly taken $600 today as after five years of being promised Proof of Stake, it is now pretty much imminent.

Related articles


Recent articles