Following the movement of 524,288 Ether from 16,384 validators into the Eth2 deposit contract after it went live on November 4th, the beacon chain genesis of Eth2 was verified for December 1st. While early doubts resulting from a lack of staking involvement have been expressed, transactions to the deposit contract have risen dramatically over the last day, with more than 200,000 ETH sent to the contract in the past 14 hours.
The beacon chain genesis of Ethereum 2.0 is now set to take place on the earliest possible launch date of December 1st, with genesis taking place seven days after the threshold of the required deposit contract was met.
In spite of a potential risk of exit scams, participants in genesis cannot withdraw their coin until the ETH 2.0 is completed by phase 1.5 – which will combine the Ethereum mainnet with Eth2’s beacon chain and sharded environment – many hodlers are waiting for third parties to launch withdrawal-enabled staking services.
The threshold of the deposit contract was met for about 9 hours before its deadline.