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As ETH 2.0 approaches Ethereum breaks records


According to Glassnode, Ethereum breaks multiple records. Specifically as ETH 2.0 could launch on December 1.

It should be noted that the launch of the deposit agreement added the possibility for users to deposit the 32 ETH necessary to participate in staking.

So, ETH 2.0 will take place on December 1, as long as at least 16,384 deposits of 32 ETH each are received. That is, a total of 524,288 ETH, or roughly $ 200 million.

Ethereum breaks records waiting for ETH 2.0

Indeed, hours after the release of the news of the deposit contract launch, the number of Ethereum addresses containing at least 32 Ethereum, reached an all-time high (ATH) of 126,852.

Precisely, around 13% of all addresses that currently have more than 32 ETH, will have to participate to launch staking.

Very importantly, the required sum must be collected at least seven days before the planned release date of December 1st. If not, the launch is delayed seven days after the threshold is reached.

However, it is unlikely that the launch will be delayed, as the number of addresses with more than 32 ETH is more than 125,000. And so far it is at its peak.

Similarly, the number of addresses containing at least 0.1, 10, or 100 ETH has also increased. And so, record historical highs of 3,616,246 addresses, 293,183 addresses and 52,943 addresses, respectively.

Incidentally, the amount of ETH held on exchanges has also just hit a one-year low of 15.8 million.

Will there be a release on December 1?

According to the Ethereum Foundation blog, the first version of Ethereum 2.0 will be released on December 1. As long as certain criteria are met.

Also, a Launch Pad was revealed, where users can sign up to become an Ethereum 2.0 validator. Also, the main address of the Ethereum contract, where the funds will be deposited.

As a fun fact, funds should not be sent directly to the deposit agreement. Instead, they must be blocked using the staking mechanism.

Very important, according to the Ethereum Foundation blog, to facilitate the deposit of 32 ETH and avoid scams with contracts that pretend to be the real one, Ethereum Name Service (ENS) has already registered the depositcontract.eth domain. Which will not require renewals until the year 2150.

The current version of Ethereum 2.0

For current Ethereum users, nothing will change for the moment. Basically, Ethereum will exist for a while with the current Blockchain. That works with Proof of Work, until the final migration is done. And the entire network applies the Proof of Stake.

To conclude, we will have to closely monitor these changes. To see how they impact the price of Ethereum.

I say goodbye with this phrase from Idries Shah: “The existence of a relative truth does not prove the nonexistence of universal truth”.

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