Ethereum 2.0 (ETH) overshoots the mark and Vitalik Buterin comments on the biggest ETH upgrade in history. In addition, the Grayscale Ethereum Classic Trust explodes – Do institutional investors know more than we do?
The highly anticipated Ethereum 2.0 update is scheduled for next week. On 1 December, the Beacon Chain, an independent ETH network running parallel to the Ethereum Proof of Work Blockchain, will go live.
Although some in the Ethereum community were initially Crypto Superstar sceptical whether ETH 2.0 would launch as planned, an impressive 540,000 ETHs of more than 17,000 validators have now been accumulated.
The Ethereum Foundation now gives the green light for the launch of the ETH 2.0 upgrade. Furthermore, there should be no further delays and everything should run as planned.
Vitalik Buterin: Ethereum 2.0 can come
In addition, ETH Zurich still flows into the Deposit Contract and the target of 524,288 ETH Zurich is more than met. At the time of going to press, the Ethereum Deposit Contract covers 716,896 Ethereum with an equivalent value of more than 430 million US dollars.
Vitalik Buterin took a stand on Twitter and commented on the development of the ETH network with a tweet.
However, it is not quite clear where this enormous amount of deposits came from. Alex Mashinsky, managing director and founder of the Celsius Network – a lending platform – announced that Celsius has deposited 25,000 ETH. The company wants to ensure that Ethereum 2.0 has sufficient funds and is ready to start on time.
Celsius hopes that Ethereum-Staken will provide its customers with an even higher return in the future.
The expectations for ETH 2.0 are enormous
Although the launch of Ethereum 2.0 should solve the scaling problem of the network, there are concerns. Especially with regard to Smart Contracts, it is not yet fully clear how the change to Proof of Stake will affect the security of the ETH block chain.
Therefore, the Enterprise Ethereum Alliance will focus on creating a set of defined standards to ensure the security of Smart Contracts. The working group wants to develop a digital register for secure Smart Contract that can be used by companies for development at ETH without hesitation.
Do institutions protect themselves against the failure of Ehtereum 2.0?
Some believe that the change from Proof of Work to Proof of Stake will massively destabilise the Ethereum network. On Twitter, chart analysts and investors suspect that Ethereum Classic (ETC) could benefit from it.
The Grayscale ETC Classic Trust has seen record volumes in the last few days. So it seems that more and more money from institutions is flowing into the Ethereum Classic network. A huge increase in trading volume at a stable price is often seen by chart analysts as a good sign of future price appreciation.