Jeff Benson

Just this morning, there was some concern that Ethereum 2.0, the proof-of-stake sequel to Ethereum's current proof-of-work blockchain, wouldn't hit its launch target of December 1.

So much for that.

In order to launch, Ethereum 2.0 needed at least 16,384 validators to stake a combined 524,288 ETH by November 24. After sitting at around 50% of that target less than 24 hours ago, the network blew past it today.

"Genesis deposits are locked in at nov 24 12pm utc (7 days before dec 1)," Ethereum Foundation researcher Danny Ryan told _Decrypt_, "so we'll know the genesis block and validator set tomorrow early morning (US)."

Ethereum 2.0 has been a long time coming. The planned network should allow Ethereum to scale to speedily handle more transactions at a time when there's an increased interest in blockchain-based applications, specifically those related to decentralized finance.

Perhaps not coincidentally, the price of Ether is currently above $616, it's highest level since 2018, after rising nearly 33% in the last week.

As of publication, 527,424 ETH has been staked from 16,478 validators.


Everything you need to know about the latest upgrade to Ethereum's blockchain: Ethereum 2.0

Charting the progress of Ethereum's critical upgrade

Ethereum 2.0

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Breaking Push

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<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;First described in a 2013 whitepaper by programmer Vitalik Buterin, Ethereum (ETH) is a cryptocurrency and blockchain platform that allows developers to create programs and run smart contracts using its native language. It can thus be viewed as a virtual computer, whose resources are paid for using Ether.\r\n\r\nIn 2020, Ethereum began the transition to Ethereum 2.0, in which its proof-of-work consensus mechanism is replaced by a proof-of-stake model. The aim of the upgrade is to increase Ethereum’s scalability and security.\r&quot;}" data-sheets-userformat="{&quot;2&quot;:547,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}">First described in a 2013 whitepaper by programmer Vitalik Buterin, Ethereum (ETH) is a cryptocurrency and blockchain platform that allows developers to create programs and run smart contracts using its native language. It can thus be viewed as a virtual computer, whose resources are paid for using Ether.</span>

In 2020, Ethereum began the transition to Ethereum 2.0, in which its proof-of-work consensus mechanism is replaced by a proof-of-stake model. The aim of the upgrade is to increase Ethereum’s scalability and security.

Ethereum

First described in a 2013 whitepaper by programmer Vitalik Buterin, Ethereum (ETH) is a cryptocurrency and blockchain platform that allows developers to create programs and run smart contracts using its native language. It can thus be viewed as a virtual computer, whose resources are paid for using Ether.

In 2020, Ethereum began the transition to Ethereum 2.0, in which its proof-of-work consensus mechanism is replaced by a proof-of-stake model. The aim of the upgrade is to increase Ethereum’s scalability and security.

Ethereum 2.0 is on the horizon (Image: Shutterstock)

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Ethereum 2.0 needed at least 16,384 validators to stake a combined 524,288 ETH in order for the proof-of-stake blockchain to launch.

Ethereum 2.0 Has Enough Staked ETH to Launch

Ethereum 2.0 needed at least 16,384 validators to stake a combined 524,288 ETH in order for the proof-of-stake blockchain to launch.