500,000 Ethereum yet to be staked as 2.0 introductory stage kicks off

Quick take

1 minute read

• Ethereum 2.0 has just started its introductory stage with this being the first phase of its launch. Many developers have referred to this moment as “phase 0“. 

• From here, the integration of minimal energy on the network will be introduced and shard chains will also be coming in the future.

Ethereum 2.0 has just started its introductory stage with this being the first phase of its launch. Many developers have referred to this moment as “phase 0“. From here, the integration of minimal energy on the network will be introduced and shard chains will also be coming in the future. First and foremost though, staking is set to occur on the network.

Earlier this week, one Twitter bot highlighted that the process for staking was almost 10% complete but despite this, there is around 500,000 Ethereum yet to be staked.

50,332 ETH has been staked in the Eth2 deposit contract.

473,956 more ETH is needed to launch Eth2.

█░░░░░░░░░░░░░░░░░░░ 9.6%

— Eth 2.0 Deposit Contract - Progress Meter Bot (@DepositEth) November 10, 2020

This is definitely going to take awhile for the network to go through but given that almost 10% has been (allegedly) completed in less than two days, this overall process should be completed in less than seven days.

This was a tweet that was sent out yesterday so by now, 10% of the process could have been completed already.

The update for the Ethereum network has been surely anticipated by many members of the community. As a result of the anticipation, the Ethereum market has been in a state of uncertainty over the course of this year but the first phase is set to launch officially on the 1st of December next month.

It will be interesting to see how successful Ethereum 2.0 is in the future and the impact it will have on the overall crypto space.

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