Eth 2.0 Deposit Contract Secures Enough Funds to Launch


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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