{"id":105219,"date":"2020-11-05T05:36:11","date_gmt":"2020-11-05T02:36:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/5m-staked-in-eight-hours-as-community-cautiously-backs-eth-2-0\/"},"modified":"2020-11-05T05:36:11","modified_gmt":"2020-11-05T02:36:11","slug":"5m-staked-in-eight-hours-as-community-cautiously-backs-eth-2-0","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/5m-staked-in-eight-hours-as-community-cautiously-backs-eth-2-0\/","title":{"rendered":"# $5M staked in eight hours as community cautiously backs ETH 2.0"},"content":{"rendered":"

“# $5M staked in eight hours as community cautiously backs ETH 2.0 <\/strong>”
\n<\/p>\n

The long awaited deposit contract for Ethereum 2.0 has finally been deployed opening the doors to staking opportunities for ETH holders.<\/p>\n

Deposits began in earnest with over $1 million in ETH landing in the contract within the first half an hour according to observers<\/a> like The Crypto Cactus.<\/p>\n

\u201c$1,000,000 locked in $ETH 2.0 in 30 minutes \u2026 Just remember for anyone staking, one way bridge.I have sent across 32 ETH.\u201d<\/p><\/blockquote>\n

At the time of writing, around eight hours after the official announcement, just over 14,000 ETH has been staked according to the ETH 2 Launchpad<\/a>. At today\u2019s prices, that equates to roughly $5.5 million. In order for the Beacon Chain mainnet genesis event to be initiated, 524,288 ETH from 16,384 validators is required.<\/p>\n

The Ethereum team and several community members have targeted December 1 as the date at which this will occur. The target amount must be in the contract seven days before the Phase 0 launch, else it will be delayed for a week until after the threshold has been met.<\/p>\n

The deposit contract launch has sparked a debate over staking within the crypto community and there app<\/a>ears to be some hesitancy among regular investors so far. In its third-quarter DeFi report, ConsenSys suggested that higher yielding opportunities in DeFi could hinder staking participation.<\/p>\n

By way of comparison, the $5 million deposited is just a third of what DeFi degens dumped into the unaudited, unreleased, hacked Eminence contract while developer Andre Cronje was sleeping.<\/p>\n

Part of the reason for the hesitation could be that ETH staked on Beacon Chain needs to be locked up for a long period, leading some to question whether the returns justify it. The ETH 2 Launchpad explains:<\/p>\n

\u201cTransfers between validators are disabled until at least phase 1. Validators will have to wait until phase 2 (around two years) to be able to withdraw to a specific shard.\u201d<\/p><\/blockquote>\n

Diehard Ethereans such as Ethhub founder and Daily Gwei author Anthony Sassano remain unperturbed.<\/p>\n

\n

Seeing a lot of hot (and dumb) takes about eth2 today.<\/p>\n

Regardless of what these people say I will be staking my ETH in phase 0 knowing full well the risk that I am taking.<\/p>\n

I have waited for this for almost 3 years – the concern trolls are not going to stop me.<\/p>\n

\u2014 Anthony Sassano | sassal.eth \u26fd (@sassal0x) November 4, 2020<\/a><\/p><\/blockquote>\n

Fellow Ethereum advocate Ryan Sean Adams, who recently posted a \u2018how to\u2019 guide<\/a> for those thinking of staking, described it<\/a> as;<\/p>\n

\u201cThis is the initial bond offering for the largest non-sovereign global economy the world has ever seen.\u201d<\/p><\/blockquote>\n

Annual returns diminish fast however, with the more ETH that is staked. Five million ETH staked will yield around 7% which will fall to just under 5% when 10 million ETH is staked. <\/p>\n

At the moment there is a lot of excitement in the Ethereum community, as many have waited so long for things to get going on ETH 2.0.\u00a0 ETH prices reacted to the news<\/a> with a 5% jump over the past 24 hours to reach $405.<\/p>\n<\/div>\n