An eleventh-hour surge in deposits has placed Ethereum 2.0 on track for a long-awaited launch on December 1st.
524,000 ETH is required to launch the beacon chain on that date, and 507,000 has been sent to the required address at time of publishing.
[adinserter block="1"]Holders who deposit their ETH will be the first to participate in Ethereum’s new proof-of-stake model, which gives investors the ability to help power the network and earn rewards in return.
A number of separate upgrades are expected to be rolled out as Ethereum 2.0 is gradually implemented.
Ethereum creator Vitalik Buterin says the improvements will allow the second-largest cryptocurrency to handle 100,000 transactions per second (TPS) via second-layer solutions.
“ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1).”
The price of ETH is surging as the number of deposits approaches its required level. At time of publishing, ETH is up 11.71% in the last 24 hours at $617.
Ethereum developers say the current mainnet will officially merge with ETH 2.0’s new beacon chain in 2021 or 2022.
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Featured Image: Shutterstock/Tithi Luadthong
