Ethereum Stakers Commit 50,000 ETH to Upcoming Launch

Over 50,000 ETH has found its way to Ethereum 2.0’s deposit contract within a week, data from on-chain tracking service Dune Analytics shows. The metric is 9.42% of the total required to launch Ethereum 2.0, which, if met, would cause it to launch on December 1.

Ethereum’s upcoming upgrade sees the network shift to a proof-of-stake consensus mechanism from its current proof-of-work design, shunning miners, and their expensive rigs, in favor of Ethereum holders who run validator nodes and receive annual payouts on their staked funds.

So far, Ethereum 2.0 has attracted over $22 million worth of Ethereum from 242 “unique depositors,” or the number of individual addresses that have contributed to the network so far, as per data on Dune Analytics.

But the numbers suggest the retail crowd has not yet indulged in the deposit contract. 13,888 ETH has come from just one address—meaning 27% of the entire ETH 2.0 stake has been just one user. The second highest depositor is down the ladder at 6,400 ETH, while the third is exactly half of that with 3,200 ETH in funds (meaning 46% of the network is currently held up by three users as of press time). And the third largest deposit was made by Ethereum co-founder Vitalik Buterin himself.

Meanwhile, despite the impressive numbers and high stakes, a bigger push is required from Ethereum users to prevent the Genesis block of Ethereum 2.0—which requires a minimum stake of 524,000 ETH—from being delayed further. At press time, 473,956 more ETH is needed and, at the current pace, this won't be filled until late December.

Dune Analytics data shows the number of deposits has continually lessened since the launch last week. Just 1,596 ETH was sent to the contract by 45 depositors yesterday, while a tiny 32 ETH (incidentally the minimum amount required to stake) was sent today.

Still, the mood around Ethereum 2.0 remains upbeat, even if the data shows the network needs a serious push from depositors.

Elias Simos, protocol specialist at staking infrastructure provider Bison Trails, noted that addresses requiring the minimum staking were seemingly back in vogue.

“Addresses with more than 32 ETH resuming uptrend (+5% MoM). $ETH supply in smart contracts taking a breather. All while ETH is leaving exchanges (-15% Q3/Q4), and active addresses are flat at ~400k. Probably nothing, right?” he tweeted.

Well at the moment, it's not enough.