Ethereum 2.0 confirmed for 1 December Threshold exceeded hours before expiry

Only nine hours before the expiry of the Bitcoin Formula deposit contract, the required threshold of 524,288 ether was reached. ETH 2.0 will therefore arrive on 1 December.

The launch of ETH 2.0 was confirmed for 1 December, after 524,288 ethers (ETH) were transferred by 16,384 validators into the ETH 2.0 payment contract since it opened on 4 November.

Despite initial concerns about low staking, transfers into the payment contract increased rapidly over the last day. In the last 14 hours, more than 200,000 ETH were paid into the contract.

The Ethereum 2.0 chain is now scheduled to go online on the earliest possible start date, 1 December. This will happen automatically seven days after the threshold is reached.

Participants will not be able to have their coins paid out again until phase 1.5 of ETH 2.0. In this phase, the Ethereum mainnet will be merged with the ETH2 chain and the fragmented environment. Many Hodlers are waiting for third parties to introduce staking services that offer a payout function. However, the risk of exit fraud is very high.

The threshold set in the deposit contract was reached about nine hours before the deadline.