Ethereum and the US Presidential election are dominating the news today as the deployment of the ETH 2.0 deposit contract opens the doors to staking after months of testing.
After three months of testing on Medalla and various other testnets, the first stage of Phase 0 has been officially initiated with the deployment of the ETH 2.0 deposit contract on Nov 4. This means that ETH holders can now stake 32 ETH to become a validator on the new blockchain.
In order to ignite the genesis for the Beacon Chain ETH 2.0 blockchain, there needs to be 16,384 validators on the chain, which equates to 524,288 ETH locked. This amount is worth approximately $210 million at today’s prices.
This equals approximately 0.46% of the entire supply and is likely to be made up predominantly of whale accounts that already appear to be piling in; The target date for the Beacon Chain genesis milestone is expected to occur on Dec 1.
According to the Ethereum 2.0 Launchpad, over 14,000 ETH has already been staked within the first 12 hours.