After a difficult start, the preparations for the launch of Ethereum 2.0 and Bitcoin Evolution have gained considerable interest. More than half of the ETHs required for the roll-out of the network have been deposited in the deposit agreement. Will Ethereum 2.0 go online before 2021?
The roll-out of Ethereum 2.0 is approaching
Buoyed by a rapid and continuous rise in the price of Ether (ETH) over the last few days, the launch of Ethereum 2.0 is getting closer. More than half of the Ethers required for the network rollout are now in the deposit contract.
At the time of writing, 294,336 ETH have been deposited in the contract, representing nearly $170 million. The launch of ETH 2.0 will take place when an additional 229,952 ETH have been deposited, for a total of 524,288 ETH.
The graph below speaks for itself. The amount of ETH deposited in the contract has risen dramatically since November 19 from almost 100,000 ETH to almost 300,000 ETH.
This rapid increase in the number of ETHs committed is in parallel with the increase in the ETH price from $470 to $585 in 3 days :
Evolution of the total amount of ETH deposited for Ethereum 2.0 – Source: CryptoQuant
Moreover, Ethereum 2.0 will only come into being if 16,384 validators join the network in its early stages. This second prerequisite is also well on its way to being reached. At the time of writing this article, 8,834 validators are already ready, with at least 32 ETHs deposited each.
Like the number of ETHs submitted, the number of validators has almost tripled in only 3 days, from 3,000 to almost 9,000:
A launch before 2021 thanks to whales?
ETH whales are partly responsible for this rapid growth. According to a report by the company Bison Trails, a very wealthy whale deposited 17,088 ETH on 14 November, which had been sleeping in its portfolio since 2017 until they were deposited in the contract.
In addition, even leading investment funds are participating. This is notably the case of a Dubai-based company, IBC Group, which deposited more than 20,000 ETH in the contract to support the launch of Ethereum 2.0.
In addition, Vitalik Buterin himself made a major contribution, depositing 3,200 ETH when the deposit contract was available to all. A gesture from the founder of the network that will most certainly have motivated Ethereum followers to follow him.
Initially planned for December 1st, the online launch of phase 0 of Ethereum 2.0 is probably postponed for the same month. If the deposits in the contract progress at the same pace, a launch in mid-December seems plausible. As soon as the 524,288 ETH are deposited in the contract, the launch of Ethereum 2.0 will take place 7 days later.