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Ethereum 2.0 has become one of the largest PoS networks even before launch
More than 700 thousand ETH are already blocked on the Ethereum 2.0 deposit contract.
The Beacon Chain has become one of the largest PoS networks before its launch.
ETH is trading around the $ 600 mark.
The zero phase of Ethereum 2.0 will be launched only on December 1, but at the same time, ETH 2.0 has already become one of the largest networks of the Proof-of-Stake (PoS) format.
Earlier, the editorial staff of BeInCrypto said that fundraising for the ETH 2.0 deposit contract rocked very slowly..
This has repeatedly given rise to concern that the launch of the long-awaited updated protocol will again be postponed..
However, in the end, everything was resolved safely, and the project managed to attract the required number of coins. The Ethereum ecosystem is now ready to officially launch the update on December 1st. This innovation is widely expected to address pressing network scalability issues..
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On a string to the world
At the same time, the ETH 2.0 project managed not only to overcome the key mark of 524,288 ETH, which is necessary to activate the Beacon Chain phase. At the moment, even before its launch, this blockchain managed to declare itself as one of the largest networks in the world operating on the basis of the Proof-of-Stake (PoS) consensus algorithm..
Currently, more than 700,000 ETH are blocked on the ETH 2.0 deposit contract, and the number of validators exceeds 22 thousand. A number of large companies and cryptokits have expressed their support for the project.
Thus, the Dubai investment company IBC Group invested $ 10 million in ETH 2.0, and the co-founder of Ethereum Vitalik Buterin transferred 3200 ETH (about $ 1.4 million) to a smart contract.
In total, according to the data Dune Analytics, ETH 2.0 received funds from more than 2 thousand unique Ethereum addresses.
Number six among PoS blockchains
As a result, even before the transition to the mainnet stage, Beacon Chain had already become one of the largest PoS blockchain networks. According to the estimates of the resource Staking Rewards, ETH 2.0 has become the sixth largest PoS network, having already crossed the threshold of 688,000 ETH (about $ 412 million).
As industry insider Cooper Turley recently pointed out:
“The number of investors and validators in the ETH 2.0 network already exceeds the number of validators in a number of top PoS networks, including Tezos, Cosmos and Polkadot.”.
He added that from next week, further changes in indicators can be expected, since after the launch of the genesis block, the network will be able to add 900 validators daily..
Turley considers the active growth of deposits in recent days to be very indicative:
“Over half of the required amount has been collected in the last 48 hours. This is a clear vote of confidence in the Ethereum update “.
Meanwhile, ETH has retreated from recent highs around $ 620 as part of a natural correction, where long-term resistance from 2018 passes and tested the 50-hour moving average at $ 590, however, at the time of writing, it is again trading in the area of $ 600.