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Crypto News

ETH 2.0 launch is near but upgrade account is still only 18% full

Nicholas Say
Nicholas Say

Data provided by Dune Analytics indicates that only 95,648 ETH have found its way to Ethereum 2.0's deposit contract, while the upgrade needs a total of over 524,000 ETH by November 24 to be ready. The development team remained optimistic about the availability of Ethereum 2.0's arrival, but many tokens will have to be deposited quickly to make this a reality. The current deposit level is just 18% while the system requires over 428,352 more ETH to release the upgrade on December 1, as scheduled, according to core researcher Danny Ryan of the Ethereum Foundation.

In the initial phase of the update of Ethereum 2.0, which is almost a year late, the network will start its transition from a proof of work (PoW) to a proof of stake (PoS) protocol. The PoS is expected to solve complex issues within the PoW, simplify the computing power purchase by facilitating puzzles to be solved faster.

Many investors see potential in Ethereum 2.0 and have participated in the staking. Ethereum co-founder Vitalik Buterin committed 3,200 ETH ($1.4 million) to Ethereum 2.0. Phase 0 of ETH 2.0 will lay the foundation for the future PoS of Ethereum while maintaining, at least at present, the current PoW prototype. If more ETH isn't deposited in the ETH 2.0 accounts soon, the system will not move forward as planned.