Ethereum 2.0 Has 2 Days to Deposit 40% for Timely Launch; ETH Price Ready to Smash $600
On Nov. 4, the Ethereum Foundation announced that ETH 2.0 would be officially launched on December 1st, a month before the previously expected date.
But the researcher Danny Ryan also said at the time that for Phase 0, the Beacon Chain to be triggered, at least 16384 validators or 524k ETH must be deposited a week before.
The Ethereum community has only two days to deposit about 40% of the required 32 ETH batches. The good thing is 306,464 ETH, which is 58.4% of the required threshold, has already been deposited.
What’s exciting and was already expected about these deposits was it gained momentum just before the weekend as the deadline came closer and closer.
Last week, Alistair Milne noted how the DeFi project YAM had $500 million deposited in its unaudited smart contract in just 24-hours when it launched. The leading blockchain Ethereum took two weeks to amass just $45 million.
It didn’t take long for the community to spur into action and show that they are ready to make ETH 2.0 a reality as soon as possible.
And as we chase down the threshold, the price of ETH is exploding.
“The closer we get to 100% of 524K threshold, the higher the price of ETH..” noted a researcher from the crypto fund The Spartan Group.
ETH is ready to shoot past $600, a level last seen in late May 2018, currently trading just above $593. The researcher added,
“Don't need people to market buy ETH to send it higher. A steadily rising ratio signals the community's confidence in ETH 2.0 and the fact that people are willing to forego higher yields elsewhere to bet on the future of Ethereum.”
With this 28% jump in ETH price in the past week and 44% in the last 30 days, the percentage of ETH supply held by the top 10 whales has also decreased to an 11-month low. Currently, about 12% of the total coins are held by these addresses. IntoTheBlock noted,
“This can be attributed to the wider spread of accumulation by smaller traders as prices rose. 2 months ago, these whales held ~18.6% of the supply, so this is quite a reversal. Also, note miner balances hold 80k less ETH since July.”
Besides ETH, DeFi coins are also enjoying an uptrend with notable mentions including CREAM (16%), SNX (16%), Maker (13%), AAVE (12%), UNI (12%), CRV (11%) and COMP (10%). According to trader Hsaka,
“Feels like DeFi bluechips are just waiting for ETH volatility to settle down before commencing vertical accumulation.”