Here’s the latest info on eth2 as we approach Mainnet launch:
The eth2 deposit smart contract has 53k ETH deposited out of the required 524K, so we’re a little over 10% of the way there!
The initial pace of deposits was rapid as first movers piled into the contract to signal support. Vitalik personally deposited 3,200 ETH. But after the first few days, the pace of deposits has slowed significantly.
The reality is that there’s simply no tangible benefit to being early, while waiting to deposit until the last moment has several advantages.
The NuCypher WorkLock is a great example of this precedent. There was hardly any participation for the first three weeks. In the final week, an absolutely colossal amount of ETH found its way into the WorkLock contract.
This is normal and expected behavior. We anticipate the slow pace of new deposits to continue with sudden spikes as whales or institutions make big deposits. Then on the 24th, we expect a large gain as well, that should hopefully push us over the 524k threshold. If it does not, our expectation is that the final push will happen on December 1st, with a subsequent genesis launch on the 8th.
As community members, we thank the early movers! They are true believers in the eth2 vision and we are incredibly excited to be among this cohort supporting the launch of eth2.
Below are some great dashboards you can use to stay on top of the deposit activity:
After several weeks (almost 5,000 epochs!) of non-finality because of validator downtime, Medalla finally finalized! Although we’re glad to see it operating smoothly again, we’re also thankful that this period allowed us to see how the network and individual clients behave under extreme duress, with the eventual activation of the inactivity leak. These are not conditions we expect to see on mainnet with real ETH on the line, so these learnings have been invaluable.
The second edition of the four-part eth2 insights series written by Elias Simos, Protocol Specialist at Bison Trails, was published this week focusing on slashings in Medalla and examining their correlates and probable causes. The series is based on Elias’ recently published research on the Medalla testnet data, conducted jointly with Sid Shekhar, Blockchain Research Lead at Coinbase. Those new to the world of eth2 (or just in need of a refresher) can check out our accompanying eth2 Terminology Guide, a living and non-exhaustive list of key terms to understand the eth2 protocol.
Mara Schmiedt, Business Development Manager at Bison Trails, co-authored and published a white paper and financial model on eth2 and its economics with Collin Myers of ConsenSys. Their work models staked ETH as a bond with the aim of helping investors to better understand the asset via traditional financial methodologies.
Participants in the Bison Trails eth2 Pioneer 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. We even expect some pioneers to participate in genesis!
It’s not too late to be an eth2 Pioneer! Contact us to learn more about the eth2 Pioneer Program. We want you to have early access to build on the Beacon Chain!
—Viktor Bunin, Protocol Specialist
For custodial staking, use Coinbase's eth2 retail staking solution powered by Bison Trails.
Bison Trails is a blockchain infrastructure platform-as-a-service (PaaS) company based in New York City. We built a platform for anyone who wants to participate in 21 new chains effortlessly.
We also make it easy for anyone building Web 3.0 applications to connect to blockchain data from 33 protocols with Query & Transact (QT). Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.
In January, 2021, we announced Bison Trails joined Coinbase to accelerate our mission to provide easy-to-use blockchain infrastructure, now as a standalone product line. 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.
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