Just a week before the Ethereum 2.0 stake deadline, which will determine whether or not the network transitions to its next-generation form, only 18,6% of the required value has been committed. For the Ethereum 2.0 launch to go live, 16,384 validators will need to stake a minimum of 32 Ether (the cryptocurrency that underlies the network), worth around €14,800 at current market rates. If Ethereum 2.0 is going to be available on December 1 as planned, the threshold must be reached one week in advance. According to figures from Dune Analytics, that means an additional 426.000 ether (approximately €197 million) will need to be staked before November 24, which now seems highly unlikely.
Ethereum 2.0 released
Ethereum 2.0 was scheduled to be rolled out in stages over the next few months, but the launch of the Beacon Chain (which is activated when the necessary amount of ether flows through the network) is the critical first step. The transition will see the blockchain transition from a Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), in which participants tie their cryptocurrency to the network as collateral. This model is generally considered a more efficient and energy efficient way of maintaining the grid. However, the apparent inability to achieve the value target required to trigger the genesis event placed unwanted question marks on the project. Much of the value that has been put into play since the escrow arrangements came into effect has come from large-scale one-time contributions. For example, Ethereum co-founder Vitalik Buterin has pledged 3.200 ETH, while another anonymous wallet is responsible for a massive 17.088 ETH out of the total 98.000 ETH pledged so far. Value threshold aside, with only 458 unique depositors, Ethereum 2.0 is also far from reaching the minimum number of participants. According to Danny Ryan, a developer linked to the Ethereum Foundation, if the required figure is not reached by November 24, "Genesis will go live seven days after that threshold has been reached (if any)." However, if the current participation rate remains constant, it means the first stage of the Ethereum 2.0 project won't arrive until 2021, adding further delay to a project that has already taken years. Via Decrypt