Ethereum 2.0’s Deposit Contract Now Has More Than 50,000 ETH

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The deposit contract for the highly-awaited Ethereum 2.0 upgrade now holds more than 50,000 ETH (approximately $22.5 million) just a week after it went officially live. This puts the current committed assets in the said contract at about 10% of the target threshold to finally launch Ethereum 2.0 this coming December. Coinmod’s report from last November 5th went into detail about the target launch date for the anticipated network upgrade and the following requirements it must hit to follow through with just that.

As per the data collected by Dune Analytics regarding the matter, Ethereum 2.0’s current cumulative ETH holdings can be traced back to over 242 different contributing addresses, or simply “unique depositors.” That being said, one can interpret that the suggested numbers must mean that the retail crowd isn’t that much yet into the newly released deposit contract.

This is because over 13,888 ETH came from only one address, which is 27% of the current total ETH2.0 stake – meaning over a quarter of the staked assets belong to just one user. Furthermore, we can see that the second-highest depositor has committed 6,400 ETH, while the next one has exactly half of that at 3,200 ETH. This means that almost half of the entire staked ETH came from just the top three. Notably, the aforementioned 3,200 ETH came from the founder of the network itself, Vitalik Buterin, in the hopes of kickstarting Ethereum 2.0’s staking services.

Dune Analytics’ data shows that despite the truly impressive figures the deposit contract managed to garner for just a week, the network still needs another significant push to hit its target launch date. As of press time, 473,956 ETH is still needed to push through with the scheduled launch, and if the current pace persists, the December 1st launch date seems highly improbable.

Despite all that, the general mood surrounding Ethereum 2.0 is seemingly still leaning on the positive side. Even though data reports say that the number of deposits has been lessening, developers and Ethereum as a whole still believe that the upgrade will officially go live before 2020 ends.

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