Posted 5 months ago | by @devadmin

In preparation for Ethereum 2.0, Vitalik Buterin has sent $1.4 million dollars worth of Ethereum for staking on the next iteration of the blockchain.

Buterin sent 100 transactions consisting of 32 Ether each, all in total 3,200 units of the cryptocurrency, TrustedNodes reported. The amount is worth around $1.4 million at the time of this report.

The transactions viewable on the blockchain explorer here were sent to the recently deployed, Ethereum 2.0’s deposit contract, which went live Wednesday as Bitboy Crypto reported.

The contract is the way for network participants to move their funds from the current proof-of-work blockchain to the proof-of-stake (PoS) blockchain estimated to launch on December 1st, 2020.

Thus far Ethereum network users have been depositing the minimum 32 Ether required to stake on Eth 2.0. The deposit contract now shows that it holds 38,693 Ether, worth approximately $17 million.

Staking will support the network by pledging funds for an estimate of time in return for rewards on the network. PoS networks already exist with one of the most popular being TEZOs.

Ethereum 2.0 is expected to launch next month in early December which many believe will bring FOMO into the Ethereum market causing a price surge.

The “Genesis” launch of ETH 2.0 requires 16,384 validators to deposit funds equivalent to 524,288 Ether into the contract. At that point, the Beacon chain, the core of Ethereum 2.0, will go live. The deposit contract is one of the most important contracts to get Ethereum 2.0 off the ground without a hitch. The contract acts as a bridge between the forthcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW) mainchain.

Developers have conducted a number of tests of phase 0 over the last year with single-client and multi-client testnets to ensure that the upgrade goes through without issues.

Ethereum is currently trading at [FIAT: $446.89 ] UP +7.7% in the last 24 hours according to Coingecko at the time of this report.