ETH worth more than $500 million has been staked for Eth2's Phase 0 launch tomorrow

Quick Take

  • The Eth2 staking deposit contract continues to attract deposits.
  • The contract now has more than $500 million worth of ETH locked, or 852,928 ETH, for Eth2’s Phase 0 launch tomorrow.

The Eth2 staking deposit contract continues to attract deposits, even after the milestone for the Phase 0 launch was reached last week.

The contract now has more than $500 million worth of ETH locked, or 852,960 ETH, 62% more than what is needed for Eth2's Phase 0 launch tomorrow.

"It is a fantastic display of confidence by the Ethereum community," Justin Drake, Eth2 researcher at the Ethereum Foundation, told The Block. "I'm proud thousands of Ethereans felt compelled to lock their funds for many months to secure Eth2."

Indeed, the deposits are locked and can be withdrawn only when Phase 1.5 of Eth2 goes live, sometime in 2022.

The Eth2 journey will begin with Phase 0 tomorrow, December 1, at 12 UTC. It would see the beacon chain — a kind of backbone for E