Would Ethereum 2.0 launch really be a big deal?

In this post:

  • Over $1 million ETH locked in Ethereum 2.0 within 1 hour
  • Validators could be reluctant to deposit 32 ETH

After months of delay, and building a very high anticipation level for its launch, Ethereum 2.0 has been finally launched into its community.

Immediately news broke out of the launch, its effect was almost instant. Reports emerged that Ethereum 2.0 had over $1 million ETH locked in it within the first hour of its launch. 

Presently, the figure has risen to over 19,000 ETH being locked in the newly developed platform.

While these strides have rightly generated rave reviews especially from enthusiasts of ETH, it is important to look at the bigger picture of the situation the development is in.

With over 19,000 ETH already staked on Ethereum 2.0, enthusiasts believe that figure that would lead to the initiation of Beacon Chain would be reached soon. That figure is 524,288 ETH.

While, for many enthusiasts, this is a minute figure to reach. However, failure to reach that figure would lead to the beacon chain not being launched.

Not only that, the newly developed platform must also have at least 16384 32-ETH validators deposits a week before December 1. If this is not met, genesis would only be triggered seven days after this criteria has been met.

Validitors may be reluctant to deposit 32 ETH on Ethereum 2.0 

A certain level of hesitation may occur on the platform has validators might be reluctant to carry out the 32 ETH deposit. This is because of the lock-up period associated with it.

Ethereum 2.0 launchpad had made it known that transfers would be impossible between validators until we get to the first phase of the launch. Also, validators would then have to wait until the second phase until they would be able to make any withdrawal on their specific shard.

Ethereum 2.0 has been widely anticipated by many crypto enthusiasts. The discovery of these limitations and issues is not expected to really dampen the morale of the ETH community.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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