Eth2 staking deposits reach 60% of the threshold needed for Phase 0 launch

The Ethereum 2.0 staking deposit contract has reached 60% of the threshold needed for Phase 0 launch, as of this writing.

The remaining 40% of the target must be met by Tuesday 12 UTC (7:30 am EST), for the Eth2 Phase 0 launch to happen on its earliest possible date, i.e., December 1.

The staking contract has so far attracted 314,656 ETH in deposits, out of the required 524,288 ETH. The deposits have grown sharply over the last three days. It remains to be seen whether 100% of the target can be achieved by tomorrow or whether it is delayed — until the target is reached at a later time.

Once the deposit threshold is reached, the beacon chain — which will serve as a kind of backbone for the Eth2 blockchain network, will go live.

Once the beacon chain gets activated, the Eth2 transition process will move on to the next stage of its multi-phase approach, to complete the full upgrade.

The development of Eth2 has been in the works for years. Once fully completed, the blockchain will cease its proof-of-work model and function as a proof-of-stake network.