With just one week left of Ethereum 2.0 launch, we have only seen 18% of the deposits required for launch. What will happen?
Ethereum 2.0, could it suffer further delays?
The long-awaited Ethereum 2.0 update is less than a week away from its official launch date, however, at the moment it does not require the requirements for it.
Recall that for the launch of the update, more than 524,000 ETH deposited in the Ethereum contract is needed before November 24, that for the update to be executed on December 1.
However, according to Dune Analytics data, at the moment only 98,560 ETH has been deposited in the Ethereum 2.0 deposit contract, that is, only 18.8% of the goal has been met.
Still it appears that the developer team behind Ethereum 2.0 remain optimistic that ETH 2.0 will arrive on December 1. However, the rest of the crypto community doubts it.
Let’s note that the minimum amount should be in the ETH 2.0 deposit contract seven days before launch.
This deposit contract is basically the cornerstone of the upgrade as it is the migration bridge of the Ethereum network from proof of work (PoW) to a new technical proof of stake (PoS) infrastructure.
Lack of incentives?
Not just any amount can be deposited into the Ethereum 2.0 contract, a minimum deposit of 32 ETH is required.
Also, there is a key point and that is that investors will not be able to move their holdings deposited in the contract for approximately 2 years. Thus, it appears that there are insufficient incentives for investors.
In general, investments have been made in large amounts, in fact, just days after the contract was launched, Vitalik Buterin committed 3,200 ETH to Ethereum 2.0.
However, some proposals have already emerged to increase participation. For example, if the problem is minimal entry, the creation of an ETH 2.0 validation vault has been proposed to allow small investors to participate.
What will happen if the goal is not met before December 1?
Danny Ryan, coordinator of Ethereum 2.0, wrote a blog post where he explained that “to activate genesis at this time, there must be at least 16,384 deposits of the 32-ETH validator 7 days before December 1”.
Accordingly, Ryan noted that, “otherwise genesis will be activated 7 days after this threshold has been reached.”