The testing phase of phase 0 for 2.0 ETH, one of the most anticipated happenings in the crypto world, is set to launch today, December 1.

Justin Drake, a researcher at the Ethereum Foundation had shared this in his recent tweet on Nov. 24 after reaching the required number of ETH deposits for the genesis of ETH 2.0 Phase 0.

justin drake tweet on ETH 2.0 phase 0 

In a published update on Ethereum’s Foundation last Nov. 4, Danny Ryan stated that “to trigger genesis at this time, there must be at least 16384 32-ETH validator deposits.” This is equivalent to a total deposit of 524,288 ETH.

Currently, the deposit contract is now at 869,696 ETH or $529,183,925.16 in value. This is 60% higher than what is required for Phase 0 of ETH 2.0 to launch. Deposits are still pouring in as of the moment.

On Nov. 18, IBC Group, a Dubai-based conglomerate announced its partnership with Canadian-based CanETH. It will be investing $10 million to accelerate the launch of Ethereum 2.0. That is equivalent to 687 validators or roughly 21,984 ETH at that time. In his statement, Khurram Shroff, Chairman of IBC said :

“We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain.”

Attracting investors from across the globe shows a high level of confidence in the transition of the Ethereum network to ETH 2.0. The overwhelming response of investors based on the volume of the deposit indicates a high-interest in ETH yield earnings.

As of writing, the price of ETH is now trading above $600 in recent data by Crypto.co. A remarkable increase of 30% was recorded based on its previous price of $459.66 when the announcement was made. From then on, the price of the altcoin has been on a consistent price rally despite going to a recent dip when BTC (bitcoin) price went for a sharp dive last week.

ETH current trading price at crypto.co

Withdrawals will be made available only after the launching of Ethereum 2.0 Phase 1.5 which is expected to happen in 2022.

Ethereum network has now 11,250 nodes as compared to 11,106 Bitcoin nodes based on recent data.

The launching of ETH 2.0 has also boosted the DeFi market as a whole. The congestion in the Ethereum network causing its transaction fees to spike is one of the hurdles in DeFi growth. But with the transition, fees will soon be minimized and this will increase DeFi adoption and innovation.