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Ethereum 2.0 Ready to Roll Out on December 1st After Huge Trove of ETH Enters Deposit Address

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An eleventh-hour surge in deposits has placed Ethereum 2.0 on track for a long-awaited launch on December 1st.

524,000 ETH is required to launch the beacon chain on that date, and 507,000 has been sent to the required address at time of publishing.

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Holders who deposit their ETH will be the first to participate in Ethereum’s new proof-of-stake model, which gives investors the ability to help power the network and earn rewards in return.

A number of separate upgrades are expected to be rolled out as Ethereum 2.0 is gradually implemented.

Ethereum creator Vitalik Buterin says the improvements will allow the second-largest cryptocurrency to handle 100,000 transactions per second (TPS) via second-layer solutions.

“ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1).”

The price of ETH is surging as the number of deposits approaches its required level. At time of publishing, ETH is up 11.71% in the last 24 hours at $617.

Ethereum developers say the current mainnet will officially merge with ETH 2.0’s new beacon chain in 2021 or 2022.

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Source: https://dailyhodl.com/2020/11/24/ethereum-2-0-ready-to-roll-out-on-december-1st-after-millions-in-eth-sent-to-deposit-address/

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