Vitalik Buterin stakes 3,200 ETH to the deposit contract ahead of the Genesis block launch.
A total of 37,000 ETH stands ready to be staked out the 524,000 ETH required for the Genesis launch. Will it reach that figure or will the launch get delayed?
Vitalik Contributes to the target
It was earlier reported that Ethereum’s new 2.0 Proof Of Stake blockchain is expected to turn around this December and to take this closer to reality, Etherum’s co-founder Vitalik Buterin has now sent some 3,200 ETH worth $1.5 million to the deposit contract. This phase of the latest version which is stated to get released is already being highly anticipated for a while now. As of now, 37,000 ETH is ready to get staked out. If the Genesis block has to be launched the total requirement is 524,000 ETH.
As per the information gathered, in all likelihood, even the Ethereum Foundation will be staking in. The total staked ETH has not even reached 10% of the current requirement for the Genesis launch and Vitalik’s contribution has been to increase the confidence of the investor per se. Although, his 3.2k ETH is only around 1% of his ETH holdings. It is not clear whether the Ethereum Foundation would be joining in early because there are risks related to the likelihood of non-finality during the early days of the new blockchain.
The opportunity cost of staking and locking ETH
There is also the case of ETH being locked for nearly 2 years as it converts into a time-savings account. The minimum required ETH figure is what will get Genesis kicking. If the minimum is not reached, then the launch will get delayed. The Genesis block will launch 7 days after the minimum of 500k ETH is met whenever that happens. Whether or not this happens is hard to say till we are closer to the date, but it can be a possibility considering the offering of 21% is a good incentive. But what needs to be remembered is that people are also thinking that since ETH price is increasing and locking it up considering the aggressive market performance might be a difficult decision to make.
The value of 32ETH is currently around $14,000 but before staking in, people will ask the fundamental question of how much will it be worth in two years? Whether or not the minimum is met, it will take at least 2-3 weeks after the launch for the investor to put the pieces together and understand how all the factors correlate to each other.
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