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The threshold of 524,288 Ether on the Ethereum 2.0 deposit agreement was finally reached a few hours before the deadline. The Proof-of-Stake can thus start on December 1st.Things seemed badly off. Within a day of the deadline, more than 200,000 ETH were still missing on the Ethereum 2.0 deposit contract. However, this threshold was essential to meet the initial schedule.So it is now a reality. 524,288 ETH (more even) are available on this contract, thus allowing to generate the Genesis block of Ethereum 2.0. ETH 2.0 phase 0 deployment can begin on December 1.More than 200,000 ETH in staking in 14 hoursEther holders were in no hurry to block their cryptocurrency, however. It is true that the surge in the value of Ethereum did not encourage holders to do so. The price now exceeds 500 euros.But during the last days of the countdown, deposits surged. As Dune Analytics illustrates, more than 200,000 ETH was entering the Ethereum 2.0 deposit contract in just 2 hours.Remember that validators paying a minimum of 32 ETH will not be able to recover their stake before Ethereum phase 1.5. In principle, they will therefore have to wait up to about 2 years. The required staking participation therefore presents a risk.The implementation of the ambition of ETH 2.0 can now begin. December 1, however, will not mark the actual launch of the new Ethereum blockchain. Phase 0 will activate a parallel blockchain or “beacon chain”.The Ethereum beacoin chain for the transitionThe latter will operate in parallel with the current Ethereum network. As a result, the expected benefits in terms of processing capacity are not forthcoming. The initial phases will have no impact on users and decentralized Ethereum applications.The 16,384 blockchain validators will validate blocks and transactions, fulfilling the role of miners on the proof-of-stake network. In return, they will receive rewards in the form of ETH.
