The total number of Ether (ETH) staked in the Ethereum 2.0 deposit contract recently surpassed 100,000 ETH. The number of staked coins on the network is quite massive, as they represent millions of US dollars at today’s price. However, this number is far removed from the staking threshold. At least 524,288 ETH must be allocated in the deposit contract to authorize the launch of Ethereum 2.0 Phase 0 on December 1.
With a few days left to December, industry experts predict an imminent delay for the next development phase.
About $47 million Staked for Ethereum 2.0
According to the information on the Eth2 Launchpad, there are 101,888 Ethereum coins staked in the deposit contract. These cryptocurrencies are worth more than $47 million, following the crypto’s price today at $467. Judging by the previous staking rates, one can easily conclude that users are no longer after the staking incentives. About half an hour after the deposit contract launch, more than $1 million worth of ETH was staked. Very little has changed since that time.
$1,000,000 locked in $ETH 2.0 in 30 minutes…
Just remember for anyone staking, one way bridge.
I have sent across 32 ETH 🙂
— Cactus (@TheCryptoCactus) November 4, 2020
It is possible Ethereum users are more interested in trading ETH instead of pre-staking it. For days now, Ether surged massively in price alongside the leading crypto, Bitcoin (BTC).
Noteworthily, staking ETH in the deposit contract locks out the fund for a long time. However, holding or trading the crypto amid the bullish market can allow users to cash out anytime. Whatever be the reason for the poor staking support, it’s clearly not healthy for the next Ethereum 2.0 development phase. In fact, it makes one wonder if it can even activate in 2020.
A Delay is Imminent for Phase 0
Previously, Danny Ryan stated that the threshold should be reached seven days before December 1 to trigger the Genesis launch. Otherwise, the launch will be initiated seven days after the staked coins surpass the threshold. The Ethereum 2.0 coordinator precisely explained:
“To trigger Genesis at this time, there must be at least 16384 32-ETH validator deposits 7 days prior to December 1. If not, Genesis will be triggered 7 days after this threshold has been met (whenever that may be).”
Meanwhile, Dubai-based investment company, IBC Group, revealed its plans today to stake about $10 million worth of Ether. This comes as the company’s plan of supporting the launch of Ethereum 2.0.
“We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain.”
Despite support from the prominent firm, the activation of Ethereum 2.0 remains uncertain. Insufficient community interest confirms a different approach to launching this upgrade may need to be explored by the developers.