ETH 2.0 will be launched on 1 December after a late surge in deposits

The Ethereum beacon chain genesis event is scheduled for December 1st; the ETH 2.0 deposit contract has reached over 94% of its target.

The launch of Phase 0 of ETH 2.0 looks almost certain to take place on December 1st; the number of Ether transferred to the ETH 2.0 deposit contract has grown exponentially as today’s deadline approaches.

So far, almost 499,000 of the 524,288 Ether needed to secure the genesis of the December 1st beacon chain have been deposited into the ETH 2.0 deposit contract, with 11 hours remaining until the deadline.

Less than 32,000 Ether are required now and more than that was deposited in the last six hours alone. Hourly deposits increased from approximately 10,000 Ether to over 15,000 ETH every 60 minutes.

Experts are now confident that the launch of the ETH 2.0 beacon chain will come in early December:

Ethereum co-creator Vitalik Buterin has also connected to Twitter to celebrate the influx of deposits and remind people to deposit before the activation of the beacon chain if they want to participate in the staker genesis cohort:

Last week, the cryptocommunity speculated that the deposit contract might not reach its target until well into 2021, as only 50,849 ETH were deposited in the first week of the deposit contract launch.

Many were concerned that the low share of the deposit would force further delays, as Ether’s holders were unwilling to block their tokens without knowing when they could make withdrawals.

It is now expected that the stakers will be able to withdraw their tokens in conjunction with the launch of „Phase 1.5“, in which Ethereum’s existing core network will be merged with the new beacon chain and the Cryptosoft fragmentation system. Phase 1.5 is expected to be launched in late 2021 or early 2022.

The increase in deposits has seen great volatility in Polymarket’s forecasting market to know if the ETH 2.0 genesis event will occur on December 1st; there have been contracts in favour of such a jump from $0.36 12 hours ago to $0.95 at the close of this issue.

The imminent launch of Phase 0 has also driven upward pressure in the ETH markets; Ether has reached new year-to-date highs above $600 in the last 12 hours. Since changing hands for $135 earlier this year, ETH has gained almost 350%.