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Sunday, January 24, 2021

Ethereum 2.0 Deal For Deposit Reaches $22.5 Million Within A Week Of Launch

Ethereum went live in the previous week. They made an announcement of their newly acquired deposit deal for Ethereum 2.0. This contract announcement has provided an upswing to their hold above 50k ETH. Their watershed appraisal is activated after this much-needed threshold of 10%.

Ethereum was looking to upgrade its system of the network to ‘proof of stake’ (PoS) from their existing ‘proof of work’ (PoW). To achieve this migration from PoW to PoS, they required this 2.0 Deposit deal. Now that they have attained the contract, it will act as a passage to obtain the shift in their network.

Ethereum
Ethereum

Aims Of Ethereum

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Each Ethereum trader must mandatorily risk a minimum value of 32 ETH to function as a validator for this brand new system of the network. The current ETH locked in the contract is 52,801 which is valued at $23.8 million.

In order to trigger the 2.0 ETH historical event and upgrade the process of activation, 524,288 ETH must be divided among 16,384 Ethereum stakers.

As soon as ETH 2.0 is prepared to go live, these stakers must start earning their block rewards at an 8% to 15% annual average rate. Such a profitable revenue will be a cherry-on-the-topping for this high-risk promotion.

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Vitalik Buterin put up an amount of $1.4 million of 3,200 ETH to take over 100 stakers.

When the threshold of 16,384 stakers is achieved, the network up-gradation will be activated.

After this, the migration process will move to the 2nd phase to achieve the upgrade.

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