The crypto community eagerly anticipated the Ethereum 2.0 launch on the 1st of December. According to the plan, the blockchain for new network proof-of-stake called “the beacon chain” kicked on that date.
Many members of the community haven’t been really sure that the launch date will work. But it seems as if the date will be a reality as 16,384 validators deposited 524,288 Ether (ETH) into the contract. So, supporters of the new platform are more enthusiastic, given the latest development, because the total deposits the team needed is now complete.
Earlier on, many people thought that the launch date would not work because it seemed that the amount of Ether necessary for the upgrade wouldn’t be accessible. But surprisingly, the Eth2 deposit contract is now overflowing with deposits above the target.
Accordingly, Vitalik Buterin tweeted yesterday, November 24th, about the excess deposits to clarify the situation. For now, no one can rightly state the source of the transaction. But the founder and CEO of Celsius Network, Alex Mashinsky, revealed that Celsius deposited 25,000 ETH into the Eth2 contract to facilitate the launch.
According to the CEO, the ETH which they deposited amounted to $15,125 000 as at transaction time. He also pointed out that they took out the funds from their platform’s liquidity pool. But they believe that after the launch, the funds will generate a higher yield for the Celsius community. As of the present date, users of Celsius earn 7.21% APY on the ETH in Celsius wallet.
Investor’s opinion about Ethereum 2.0
It is true that the Ethereum 2.0 deposit contract now has more than the ETH it needs for the launch. But some people are still wondering if the upgrade will take care of security concerns on Ethereum smart contracts. As for the scalability issues, the community is already enthusiastic that the upgrade will take care of that. But due to the increase in DeFi projects, many are still worried about safety.
Due to the rising concern about security on a smart contract, a new group called “EthTrust Security Levels Working Group” has emerged to take care of that by setting standards that’ll make sure smart contracts are reliable.