ETH 2.0 confirms rollout on December 1 when the staked ETH amount has just hit the required threshold
Ethereum's deposit contract has reached the threshold of 524,288 Ether - the amount needed by November 24 to allow the Beacon Chain genesis event to happen on the scheduled date of December 1.
The confirmed ETH 2.0 Beacon chain genesis event took place on December 1, after 524,288 Ether from 16,384 validators were transferred to the ETH 2.0 deposit contract since it became active on November 4.
Despite initial fears stemming from low staking participation, transfers to deposit contracts have grown rapidly over the past day - with more than 200,000 ETH sent to the contract within 14 hours.
ETH 2.0's beacon chain genesis is currently set to take place on the launch date as early as December 1 - seven days after reaching the threshold required by the deposit contract.
While Genesis participants will not be able to withdraw their funds until ETH 2.0 reaches Stage 1.5 - merging the Ethereum mainnet with ETH 2.0's beacon chain and a fragmented environment - many hodlers are waiting for a third party to launch. running staking services to support withdrawals, although there is a potential for fraud.
The deposit contract threshold required to allow the Beacon Chain genesis event to happen on December 1 has been met with nine hours left to expire, dispelling concerns about the launch schedule. will be pushed back.