Ethereum (ETH) whales alongside smaller stakers have succeeded to send all the needed ether to the ETH 2.0 deposit contract, supporting to launch Phase 0 this coming December 1st and stretching the ETH rally.
At the time of this writing (04:50 UTC), there are ETH 574,880 (USD 356m) transferred to the contract or almost 10% more than originally was expected to commence the phase that will produce the Beacon Chain.
ETH continued its gains too and is now trading at USD 620. It’s up by 7% in a day and 33% in a week. The deposit contract is one of the last levels towards the Phase 0 rollout, as it will allow ETH trades between the original Ethereum and its second iteration.
Phase 0, aka the beacon chain, is contemplated to be “the central control tower keeping track of the 32 shards on Ethereum 2.0.” This phase carries with it the long-awaited proof-of-stake (PoS) consensus mechanism and will allow users to earn rewards through staking ETH on the network and by functioning as an active or passive authenticator.
To earn these rewards, authenticators will have to lock up their ETH in the deposit contract. The least that can be staked is ETH 32.
Still, the final switch from the current proof-of-work consensus mechanism, which includes mining and is also used by Bitcoin (BTC), to (PoS), is not anticipated in at least a year, as Ethereum co-founder Vitalik Buterin announced last week.