Only 8% of The Required Ethereum Deposited For Staking; $1.4 Million Came from Vitalik Buterin
Ethereum is getting ready for the first phase of its transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) as it announces the release of v1.0.0 specs. The mainnet launchpad is currently live.
Along with this release came the deposit contract that allows people to stake their ETH, and ju.once the locked amount reaches 524,288 ETH from a 16,385 validators threshold, the Beacon Chain, the core of ETH 2.0 will be activated.
Although the team believes it can happen by December 1st, preponed from its previous launch date on Bitcoin’s anniversary on Jan. 1st, it is to be seen if the Ethereum holders will really stake this much of ETH as the current numbers don’t show an eager community.
This means only 8% of the required numbers have been sent yet.
The community doesn’t seem real stoked about locking their ETH for an unknown period when the crypto market is enjoying a rally, with Bitcoin on its another bull run that could take it to a new all-time high.
The second-largest cryptocurrency is also enjoying the greens, up more than 22% in the last three days, trading at $462. While up 253% YTD, Eth is still down 67% from its all-time high.
This recent spike in price also has Ethereum’s daily active addresses interacting on its network trending toward the most bullish day since Oct. 16.
“This could be an indication of BTC profits gradually moving over to ETH and other altcoins as the FOMO crowd presumes that Bitcoin will continue its dominance. Remember that markets tend to ebb and flow based on the least expected outcomes by the crowd,” noted Santiment.
Interestingly, Ethereum co-founder Vitalik Buterin has already sent his first set of Ether for staking. A total of 100 transactions for 32 ETH each were sent from Buterin’s “VB2” addresses.
Buterin sent a total of 3,200 ETH worth $1.47 million, which accounts for 7.5% of all the staked amount so far.