The Ethereum 2.0 upgrade may not happen as soon as the community expected if the minimum threshold of 524k ETH isn't met within the next week. Currently, 99,488 ETH has been staked in preparation for the launch, roughly 18.97% of the required ETH. Nonetheless, Ethereum 2.0 developers are still optimistic about the Dec 1 launch.
99,264 ETH has been staked in the Eth2 deposit contract.
425,024 more ETH is needed to launch Eth2.
— Eth 2.0 Deposit Contract – Progress Meter Bot (@DepositEth) November 17, 2020
While there is a target date for the ETH 2.0 launch, hiccups hitting the minimum threshold could mean that this date will have to be rescheduled. Going by the updates from Dune Analytics, the eventuality of postponing the launch is more likely than not.
This is because all the ETH must be deposited seven days before the target launch date of Dec 1, according to Danny Ryan, a core researcher at the Ethereum Foundation. If the threshold is not met within the expected time frame, Ryan noted that the genesis would be triggered at a later date when it is achieved,
“If not … genesis will be triggered 7 days after this threshold has been met (whenever that may be).”
So far, a total of 458 contributors have deposited to the ETH 2.0 deposit contract, totaling 3,023 transactions as of press time. Some of the largest contributors include Ethereum’s co-founder Vitalik Buterin who has allocated 3,200 ETH, which is over $1.4 million as per the prevailing market prices.
With the December launch set to mark phase 0 of ETH 2.0, the upgrade to a PoS ecosystem will still be far from over. This will only lay the groundwork for phases 1 and 2, which are expected to roll out in the coming year as part of a full migration from the PoW consensus.
Notably, the Ethereum and larger crypto community have been waiting patiently for this shift. Basically, a migration from the PoW consensus means that Ethereum’s blockchain will be more scalable since less computing power is needed in the PoS model. If successful, the Ethereum blockchain will solve the underlying scalability challenges, which are a pain point to its booming ecosystem.