protocols

eth2 Update 004

An update on the eth2 deposit contract, the finalization of Medalla, and more eth2 insights.

eth2 Update 004

By Viktor Bunin · Nov 11 2020

Here’s the latest info on eth2 as we approach Mainnet launch:


eth2 Phase 0 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!

Scout Dashboard

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 longer the contract has funds in it without any incidents, the more likely it is that the contract is secure
  • Instead of depositing and waiting on standby, ETH token holders are able to deploy their ETH in DeFi or in other opportunities to earn rewards for the next 2 weeks, and then deposit on the 24th
  • It gives additional time for the completion of any preparations and infrastructure improvements before joining the network
Dune Dashboard

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:


Medalla Update

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.


More eth2 Insights

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.


eth2 Pioneer Program

Participants in the Bison Trails eth2 Pioneer Program have early access to our suite of eth2 products:

  • 1. API management dashboard to create and revoke API token access to the eth2 validator management API
  • 2. Eth2 validator management API to create Ethereum deposit transactions, add eth2 validators, and monitor the status of these validators as they are scheduled
  • 3. Eth2 metrics to see infrastructure health and real-time graphs and data visualizations

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 Individuals

Are you an individual with a large amount of ETH? Please contact us to learn how to participate in eth2. ETH holders can also participate with LiquidStake powered by Bison Trails.

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About Bison Trails


Our mission is to provide superior infrastructure on multiple blockchains, to strengthen the entire ecosystem, and enable the pioneers of tomorrow.

Pioneering Blockchain Infrastructure®

Bison Trails is a blockchain infrastructure company based in New York City. We built a platform for anyone who wants to participate in 19 new chains effortlessly. We also make it easy for anyone building Web 3.0 applications to connect to blockchain data from 27 protocols with QT. Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.


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