The first phase of the next-gen proof-of-stake (PoS) Ethereum2.0 is now live.
After repetitive delays and obstructions in the launch, Serenity is now up and running, taking its first breath just as planned. At 12 pm UTC, Dec 1, the genesis block of the Ethereum 2.0 beacon chain was launched without any more hiccups.
The Ethereum 2.0 deposit contract, released in early November, gathered more than 540,000 ETH last week, confirming the launch of the beacon chain and announcing the formal beginning of the second-largest cryptocurrency’s shift from a proof-of-work consensus mechanism to a proof-of-stake one, with a promise of solving several critical issues, the major one being scalability.
Four days since the launch of the beacon chain and 1M ETH, estimating approximately to $600 million has already been staked on the largest blockchain network Ethereum2.0. This amount will reward the validators once the rest of the phases are launched and the staked amount is ready to be drawn out.
The annual yields on the staked amounts, however, remain unspecified as of now.
“Staking is a public good for the Ethereum ecosystem. You can help secure the network and earn rewards in the process.”
Anticipation has been building up for a while around Serenity and the bigger question that lingers now is whether to stake on Eth2 or not.
Let’s be honest, Eth2 is going to take a while to bloom out in its full glory. Considering the fact that unless the mainnet “docks” with the beacon chain, the funds are going to be locked. Estimates are that this breakthrough may only be possible in late 2021 or even 2022, which means that the validators might have to play a waiting game until they get their funds back.
So, is the risk worth the reward? It’s a leap of faith and no one else but you can decide if you wish to take it or let it pass.
How excited are the people?
Let’s take a look at how people caught up with this much-awaited launch.
“Welcome to the world Ethereum 2.0”
“ETH 2.0 is finally here and will transform Ethereum as we know it.”
“Where were you when Ethereum2.0 went live?
Today we probably witnessed history guys.”
“Based on the current Ethereum 2.0 roadmap, staked ETH and staking rewards will be locked up until the Ethereum 2.0 chain is more complete. There is no timeline for this. The current phase 0 chain does not do any transactions, only validation, and new blocks.”
People are excited, undeniably it is a great transformation headed the way for the crypto world.
The launch is welcomed open-heartedly mostly by those critically involved in the decentralized finance community. The explosion of DeFi during 2020 saw a huge increase in traffic and gas fees on the Ethereum network, so this comes as great news.
Stay tuned with ImmuneBytes for more updates on Eth2.0.