Ethereum 2.0 takes another step to launch by implementing deposit contracts

The first day of December should be the launch date for the expected Ethereum update.

The launch of the Ethereum 2.0 Phase 0 has been formalised for the 1st of December. The contract of deposit is active and can collect the necessary funds to trigger the staking.

An update of the Ethereum Foundation released on Wednesday explains how the process should take place.

Stakers will now be able to make their deposits of 32 Ether (ETH) into the contract through the dedicated platform and prepare for the launch.

The contract is expected to collect 16,384 deposits of 32 ETH each, for a total of 524,288 ETH or about $200 million, to continue the launch.

The required amount must be collected at least seven days before the launch date, scheduled for December 1. If not, the launch will be delayed to seven days after the limit is reached.

The announcement marks the first time that a clear date for the launch of Ethereum 2.0 is set, after many years of anticipation and delays.

The community has signalled that it is ready, but there may still be potential problems with customers. The reliability of the Medalla testing network has fluctuated in recent days, often not ending due to problems with participation. Although many believe this is due to the lack of incentives for staking, some problems with the software have also been reported. However, the team considers most software clients as „ready for mainnet release“.

The end of one round also marks the beginning of another – the launch of Phase 0 will not directly affect the existing Ethereum blockchain, which will continue to operate as before, with proof-of-work mining.

The Phase 1 and Phase 2 transitions, expected to occur in the coming years, will at some point migrate the existing Ethereum infrastructure and the state to the new staking-based consensus.