Mainnet launch has been announced! Here is everything you need to know about eth2.
Cosmic Egg, the v1.0.0 release containing Phase 0 mainnet configurations (along with some additional tooling and components) was publicly released by Danny Ryan. This final code makes it possible to launch the eth2 network.
The eth2 deposit smart contract launched and is already accepting deposits. About 25,829 ETH was deposited at the time of publication (roughly $10.64M USD). There needs to be at least 524,288 ETH (roughly $200M USD) deposited for the network to launch, equalling 16,384 validators.
The earliest that the network can launch is December 1st, 2020, at 12pm UTC. In order for eth2 genesis to be triggered at this time, the minimum amount of ETH must be deposited by Tuesday November 24th at 12pm UTC, seven days before launch and less than three weeks from today. You can track the progress of the eth2 deposit smart contract using the eth2 launchpad.
Based on our conversations with folks planning to stake in Phase 0 from across the ecosystem, we expect large chunks of deposits wil come from exchanges, custodians, funds, and other large token holders. Some folks are ready, but many more are still in the process of adding support for eth2 and are not in a rush to be the first to stake. Some token holders are planning to wait for a few weeks to make sure the network is stable before staking. This is expected behavior as the network launches.
What happens if the minimum 524k ETH is not deposited by November 24th? The deposit contract will continue accepting deposits until it reaches the minimum threshold. For example, if we cross the threshold on December 2nd, genesis will be on December 9th.
We are including all relevant details for your reference for informational purposes. If you choose to participate in the eth2 genesis, please double-check all information and addresses before sending your ETH. It’s been reported that scammers are already looking to take advantage of the community’s enthusiasm.
Elias Simos, Protocol Specialist at Bison Trails, recently published a data-driven deep dive into the Medalla testnet with Sid Shekhar, Blockchain Research lead at Coinbase. We interviewed Elias about the challenges they faced while compiling the data. Elias also published the first of a four-part series based on this research, analyzing aggregation performance over the course of the Medalla testnet.
Participants in the Bison Trails eth2Pioneer Program have early access to our suite of eth2 products:
Some of the leading enterprises in the space have already joined our eth2 Pioneer Program and are beginning to integrate with our validator management API.
Are you an individual with a large amount of ETH? Please contact us to learn how to participate in eth2.
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In January, 2021, we announced Bison Trails will be joining Coinbase to accelerate our mission to provide easy-to-use blockchain infrastructure, now as a standalone product line as part of Coinbase. The Bison Trails platform will continue to support our customers. With Coinbase’s backing, we will enhance our infrastructure platform and make it even easier to participate in decentralized networks and build applications that connect to blockchain data. Read more.
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