As ETH 2.0 Ethereum approaches, it breaks records

According to Glassnode, Ethereum is breaking records as the launch of ETH 2.0 approaches on 1 December.

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

It should be noted that the launch of the deposit contract added the possibility for users to deposit the 32 ETHs required to participate in the staking.

Thus, ETH 2.0 will take place on 1 December, provided that at least 16,384 deposits of 32 ETH each are received. That is a total of 524,288 ETH, or approximately $200 million.

Ethereum breaks records waiting for ETH 2.0

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

Precisely, about 13% of all addresses that currently have more than 32 ETH, will have to participate of an Crowd Millionaire to launch the staking.

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

In any case, 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 number of ETHs remaining in the Exchanges has also just reached a one-year low of 15.8 million.

Will there be a launch on 1 December?

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

Also, a Launch Platform was revealed, where users can register to become an Ethereum 2.0 validator. In addition, the main address of the Ethereum contract, where the funds will be deposited.

As a curiosity, the funds should not be sent directly to the deposit contract. Instead, they should be blocked using the staking mechanism.

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

The current version of Ethereum 2.0

For current Ethereum users, nothing will change for the time being. Basically, Ethereum will exist for some time with the current Blockchain. That works with Proof of Work, until the definitive migration is done. And the whole network will apply the Proof of Stake.

To conclude, we will have to follow these changes closely. To see how they are impacting on the price of Ethereum.

I leave with this sentence from Idries Shah: “The existence of relative truth does not prove the non-existence of universal truth”.