After reaching the desired ETH target for the Ethereum 2.0 transition, the previously announced date came on December 1 and the countdown began. The staking process, which progressed slowly at first, gained momentum in the last week. So how many ETH has been invested in the Ethereum 2.0 contract prior to launch?
The Ethereum 2.0 journey begins with the “phase 0” step that will act as the backbone. After reaching the ETH target for Ethereum 2.0, the planned network launch is expected to happen tomorrow. The amount of ETH required to be deposited in the Ethereum 2.0 contract for the transition to the Beacon Chain network was announced as 524 thousand 288. This number was easily reached.
The staking process, which progressed slower at first, said in the Ethereum community, “Will the targeted number of ETH not be reached until December 1?” revealed their concerns. But many experts announced that ETH investors are acting cautiously or will wait until the last moment as they do not want to lose their returns on other platforms. The process has evolved as market experts point out and the vast majority of the targeted number of ETHs are meetings in the last week. It did not stop when Ethereum investors reached the required number for launch.
Gathered 60% more than required for ETH2 migration
According to Etherscan data, the amount of ETH invested in the Ethereum 2.0 contract so far has exceeded 852 thousand 992. While the Ethereum price is $ 588, the total value of ETH deposited exceeds $ 500 million. While the number of ETH required for the Beacon Chain transition was 524 thousand 288, with over 852 thousand Ethereum currently collected, the amount required was increased by approximately 62%.
In a statement to The Block, Justin Drake of the Ethereum Foundation interpreted this success as a tremendous indicator of trust from the Ethereum community. Drake said he felt proud that thousands of Ethereum holders were willing to lock down their money for months to secure ETH2. Investors who stake their ETH to the Ethereum 2.0 contract will not be able to withdraw their funds until 2022.