Today we’re covering the deposit contract, upcoming genesis, and eth2’s roadmap post-genesis.
First things first, congratulations on successfully meeting the deposit threshold! This is an incredible achievement and we should take the time to really appreciate it. Reaching this milestone is the result of six years of research, design, and development by hundreds of people.
In one of the earlier issues of this update series, we noted that NuCypher’s WorkLock had the vast majority of its ETH arrive in the final days. We saw the same dynamic play out in many other token distributions and sales, including Algorand, Edgeware, Celo, and other protocols. I thought eth2 would be different, due to the size of the threshold and the meager trickle of deposits we were seeing in prior weeks, and I incorrectly predicted that we might slightly miss the deadline.
The deposit threshold was hit with roughly 10 hours to spare and deposits have continued pouring in since. At the time of writing there is 725k ETH in the deposit contract, a full 200k more than the minimum, with some transactions still pending to be deposited. Interestingly, this would put eth2 into the top 50 cryptocurrencies by marketcap if it were listed separately from Ethereum. Although of course, it is important to keep in mind that ETH, whether on eth1 or eth2, is still ETH.
One of the most important success metrics for this process is that there were no invalid deposits or double deposits. The community spent a long time educating each other and providing support to help folks avoid making mistakes throughout this genesis process and it paid off! I’d like to extend an especially huge shout out to the Launchpad team for helping to make this process a great success.
21,063 validators made it into genesis, approximately 5,000 more than the minimum, meaning that anyone who joined after that time must wait in the activation queue. Given that only 900 validators can enter or exit the active set on a daily basis, this means new validators depositing in the contract will currently have to wait for approximately two days before they can begin validating. If anyone is still waiting to deposit, consider doing so now to avoid a longer wait!
One other interesting bit to call out from the statistics Vitalik shared is the time at which deposits were made. Ethereum is a truly global phenomenon, without any clear outliers for timing of participation. This is important from a community and decentralization perspective.
Digging into some of the top depositors is continuing to be a fascinating exercise.
Of the depositors that have chosen to publicly identify themselves, more than ⅓ of the deposited ETH (33.5732% to be exact) was deposited by just three entities: Staked, Bitcoin Suisse, and Stakefish. While we and the Ethereum community are thankful for their enthusiastic participation, this should also serve as a signal that eth2 needs more participation from a more diverse set of participants!
The teams behind the four clients (Prysm, Lighthouse, Teku, and Nimbus) have independently determined the genesis state and are in agreement on it. Eth2 will launch with the following parameters:
On October 2nd, Vitalik published a proposed rollup-centric Ethereum roadmap which outlined how rollups impact Ethereum’s scaling and eth2’s phases. In last week’s AMA, he reiterated these changes and provided more context, which we think is helpful.
Research and development on the eth2 phases has been proceeding in parallel for years. While a neat, sequential, phased rollout is appealing, I think it’s good to reset expectations and inform the community that this is still a work in progress. After years of roadmap changes in launching PoS, this change should surprise no one. But just as PoS was eventually launched, the community should have confidence that full functionality will be delivered as well.
Don’t miss our live event with Messari on December 2nd: “The Road to ETH 2.0.” Register now.
The fourth and final edition of the eth2 Insights Series written by Elias Simos, Protocol Specialist at Bison Trails, was published this week discussing Medalla’s arc of development, the metrics to gauge overall network health, and perspectives on eth2 Mainnet.
The series is based on Elias’ research on the Medalla testnet data, conducted jointly with Sid Shekhar, Blockchain Research Lead at Coinbase. Elias and Sid were just recognized by the Ethereum Foundation as some of the winners of the eth2 Medalla Data Challenge!
Those new to the world of eth2 (or just in need of a refresher) can check out our guide to eth2 and accompanying eth2 Terminology Guide, a living and non-exhaustive list of key terms to understand the eth2 protocol.
You can join us now in the lead-up to the eth2 Mainnet Launch by becoming an eth2 Pioneer. Participants in the Bison Trails eth2 Pioneer Program have early access to Bison Trails’ suite of eth2 products, including:
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.
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!
For custodial staking, use Coinbase's eth2 retail staking solution powered by Bison Trails.
—Viktor Bunin, Protocol Specialist
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 25 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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