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Home Latest News Ethereum Celsius says it tipped in 25,000 Ether to help launch Ethereum 2.0

Celsius says it tipped in 25,000 Ether to help launch Ethereum 2.0

Further transactions in Ethereum 2.0 have been put to ensure that the Eth2's beacon chain is launched on December 1.

The highly anticipated launch of Eth2 is scheduled to take place on December 1st and an impressive 524,288 Ether from 16,384 validators have been deposited into the Eth2 contract, also Eth2’s proof-of-stake blockchain “beacon chain” has been confirmed to run alongside the network.

It should be mentioned that even after the main target goal was met, additional deposits have been entering into Eth2 deposit contract. In order to put this into context, Ethereum co-founder Vitalik Buterin sent a recent tweet on November 24 showing the impressive amount of transaction across the Ethereum network.

Alex Mashinsky, CEO and founder of the Celsius network said to Cointelegraph that Celsius supplied ETH with a worth of 25,000 in guarantee that it had enough funds to start on time for the Eth2 deposit contract.

Mashinsky stated that at the time of the transaction the amount of ETH Celsisus deposited was $15,125,000. Mashinsky noted further that funds came from Celsius’ community asset pool and explained that they will be used for generating even higher yield for the community after the official launch of the Eth2 network. Currently, Celsius users can earn up to 7.21% Annual Percentage Yield on ETH held in the Celsius wallet. Mashinsky said: “We already have 230 thousand users on the Celsius network, along with 3.3 billion dollars worth in assets. These users are putting in ETH, allowing the network to earn yield on it in many different ways. The 25,000 ETH contributed to the proof-of-stake Ethereum network will generate another source of yield for our community.”

Mashinsky further shared that the growing Celsius community has been modeled off Ethereum, noting the importance of giving back the Ethereum network:

“We built our CEL token on the Ethereum blockchain and used it to scale and become one of the fastest-growing companies in crypto. We are proud to inaugurate the ETH 2.0 Genesis and contribute the last building block with 25,000 ETH from the Celsius community and be a helping hand to a company that helped us scale our own project.”While the Eth2 beacon chain is scheduled to begin on December 1, concerns still exist. For instance, while scalability problems are supposed to be overcome when Ethereum adopts a proof-of-stake consensus algorithm, the security of some Ethereum smart contracts remains uncertain. This has particularly come to light with the emergence of decentralized finance or DeFi, projects.

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