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Ethereum Becomes One of the Largest Proof of Stake Chains Even Before Launch


beincrypto.com 2020-11-25 08:27
Reading time: ~3 m

With the staking threshold now met, Ethereum 2.0 can officially launch as planned on Dec. 1. This milestone has propelled the blockchain to position itself as one of the world’s largest proof-of-stake networks, even before it has gone live.

Staking on the ETH 2.0 deposit contract has surged over 700,000 ETH meaning that the threshold of 524,000 has been exceeded and the countdown to beacon chain genesis has now begun. With over 22,000 validators, the launch date of Dec. 1 has been set and the clock is ticking.  

As reported by BeInCrypto, several large companies and organizations have already pledged their support for the next iteration of the world’s largest smart contract network. More than 2,000 unique Ethereum addresses have made deposits into the contract according to Dune Analytics.

Sixth Largest PoS Blockchain

Even before it has gone to mainnet, Beacon Chain is one of the world’s largest proof-of-stake blockchains. Contributing to the latest Defiant newsletter, industry insider Cooper Turley stated;

“For perspective, the number of Eth2 depositors and validators is already higher than validators on some of the top proof-of-stake chains, including Tezos, Cosmos, and Polkadot,”

In the case of rival platform Polkadot, there are over 7,000 nominators who delegate their tokens to validators, but it is unlikely that it will take long for ETH 2.0 to catch up. Turley added that the number will change on next week’s launch, as 900 validators per day can be added after genesis.

A total of 688,000 ETH (about $412 million) deposited into the ETH 2.0 contract would make Ethereum the sixth-largest PoS chain by assets staked according to Staking Rewards.

Turley added that the rapid deposit of almost half the staking requirement over the past two days sends a strong signal;

“With more than 50% of the staked balance deposited in the last 48 hours, this milestone marks a major vote of confidence in Ethereum’s most grueling upgrade to date taking place over the course of at least four phases in what is expected to last at least two years,”

ETH Price Outlook

At the time of press, Ethereum prices were retreating from a high of $620 where there was long term resistance from the 2018 cycle. Prices had dipped below the 50 hour moving average to $590 as the correction appears to be gathering momentum.

It is natural that markets cool off following such intense price action, however, the long term prospects for Ethereum have just got much brighter with a beacon of hope for holders that have endured its two-year bear market.


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