The Ethereum 2.0 upgrade is bringing the Proof-of-Stake mechanism to the Ethereum blockchain network. Scheduled for launch in Phase 0 along with the beacon chain, Ether (ETH) holders have been preparing for the Phase 0 launch for months and have been accumulating ETH to fulfil the staking requirements on the network once the upgrade is confirmed for a date.
According to Consensys and its latest report, titled ‘Ethereum 2.0 Economic Review Review”, 77.7% of ETH supply are found in non-crypto exchange wallets that hold more than 32 ETH. Of the remaining ETH supply, 18.7 million ETH are being held by exchange wallets that are eligible for staking services as well.
32 ETH is required for staking by potential validators on the Ethereum 2.0 network. Individuals who are not able to stake the full 32 ETH can also choose to do so in a group with others to make up the total staking fee. Before this can happen, ETH holders planning to become validators will have to generate unique eth2 keys on the beacon chain by staking the 32 ETH into a deposit contract.
Ethereum developer provided an update on the deposit contract late last month, stating that they have shifted from the use of Vyper to Solidity to build the contract due to security and bug concerns.
Vitalik Buterin has been confident that Phase 0 will be able to launch this month, but several of its partners and developers have made statements to the contrary as there is still much work to be done before the mainnet goes live.
You may also want to read: Ethereum 2.0 Set for Another Delay? Phase 0 Might be Pushed Back to 2021
