Ethereum 2.0 is Halfway to Launch—But Delay Still Likely

Users have already deposited over half of the amount of Ethereum (ETH) required to launch Ethereum 2.0, according to Dune Analytics. The Ethereum 2.0 update aims to address the network’s scalability and security through upgrading to a proof-of-stake (PoS) consensus mechanism.

Ethereum 2.0 is tentatively slated to launch on December 1, according to the Ethereum Foundation’s previous approximation. For that to happen, there needs to be 16,384 validators on the network by November 24. Each of them must also stake 32 ETH—for a total of 524,288 ETH (just over $310 million currently).

At press time, 279,104 ETH is being staked on Ethereum 2.0—or 53.25% of the required threshold, Dune Analytics’ data shows.

There has been a big surge toward Ethereum 2.0 over the past few days. The amount of deposited ETH surged from around 105,000 ETH to over 279,000 ETH. Likewise, the total number of depositors increased on November 21 by 2,733.

The overall increase in the blockchain activity should be a welcome sight for Ethereum enthusiasts since just recently ETH 2.0 test networks were suffering from relatively low interest and participation.

Ben Edgington, product owner for ETH 2.0 client Teku at ConsenSys (which funds an editorially independent Decrypt) noted in the past that perhaps this was because users had grown tired of prolonged trials and the testnets didn’t “really cut it anymore.” At the time, he suggested that ETH 2.0’s so-called “Phase 0” needed to be launched as soon as possible.

As the latest data demonstrates, while the amount of staked Ethereum has picked up, the network still has a long way to go if it wants to launch on December 1. But then again, delays are nothing new to Ethereum.