Eth 2.0 Deposit Contract Secures Enough Funds to Launch

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The smart contract required for triggering Ethereum 2.0 has enough funds to begin activation of its most ambitious upgrade yet.

The Ethereum 2.0 deposit contract secured more than 525,000 ETH ($323 million) late Monday night, ensuring that the new network will launch next week, formally beginning the second-largest cryptocurrency’s shift from a proof-of-work consensus mechanism to a proof-of-stake one in hopes of solving a number of issues, including scalability.

The Ethereum Foundation had previously set a soft launch date for Dec. 1, assuming the deposit contract saw 524,288 ETH staked by Nov. 24.

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