Ethereum 2.0’s beacon chain genesis has been confirmed for 1st Dec., following the transfer of 524,288 Ethereum from 16,384 validators into the ETH 2.0 deposit contract since it went online on 4th Nov.
Despite early concerns stemming from low staking participation, transfers to the deposit contract rapidly increased over the past day – with over 200k ETH being transferred to the smart contract within the past 14 hours.
ETH 2.0’s beacon chain genesis is now set to require place on the earliest possible launch date of 1st Dec., with genesis happening seven days after the specified deposit contract’s threshold was met.
While genesis participants won’t be able to withdraw their coins until ETH 2.0 reaches Phase 1.5 – that will merge with the Ethereum mainnet with ETH 2.0’s beacon chain and the sharded environment — many hodlers are expecting 3rd-parties to launch withdrawal-enabled staking services, despite the potential risk of exit scams.
The deposit contract’s threshold was met with roughly 9 hours to follow until its specified final deadline.