ETH 2.0 genesis block is coming on December 1st as the deposit contract address reaches the cross the 524,288 ETH threshold.
ConsenSys, an Ethereum development studio, tweeted the news on Tuesday, November 24. The announcement reads:
“With 17,405 validators and counting, we’ve crossed the threshold!
It takes a resolute community to launch a global & distributed multi-client blockchain. Nearly 2k days since the genesis of Ethereum, we are now only 7 days from the genesis of #Eth2.”
According to Beaconcha, Ethereum 2.0 beacon chain explorer, 563,680 ETH by 17,405 validators have been deposited on the deposit address. This means that the deposit address has not crossed the minimum threshold for genesis but also the minimum validator threshold of 16,384.
On Friday, November 20, as Wealth Growth Insights reported, the amount of ETH staked on the deposit contract address surpassed 100K after a Dubai-based investment firm IBC Group announced $10 million worth of ETH investment, in collaboration with a Canadian staking services CanETH, for Ethereum 2.0 launch. The remaining amount of ETH required to reach the threshold came in just 4 days, and it is still counting.
Ethereum 2.0 is now 7 days from genesis and Ethereum enthusiasts are pouring money as there is no tomorrow. Many. including Ethereum founder Vitalik Buterin, believed a delayed launch but, against all the odds, Ethereum 2.0 genesis block is coming on December 1st.
Will Ethereum 2.0 Affect Prices?
Ethereum 2 0 is going to bring in a whole host of features, like improved scalability, throughput, and security of the whole network without eliminating any data history or transaction records, into the original ETH blockchain. The most significant is is the transition from proof of work POW to a proof of stake POS blockchain.
But how it will affect the coin’s price. At the time of writing, the coin is in an upward channel formation and the price is $615. According to CoinMarketCap, in the last seven days, the price has gone up from $400 levels to $600 levels. This shows that the network is growing in accordance with the hype towards the ETH 2 launch. This a very positive sign as it shows that the network is growing stronger than ever before.
Furthermore, a huge increase in Ethereum’s new and active addresses is also resulting in positive price actions. This discussion shows that Ethereum proponents can expect a positive effect on the price.
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