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Data from analysts Glassnode shows the number of Ethereum addresses holding 32+ tokens is at an all-time high.
Since 2016, the number of addresses with 32 or more tokens has grown in line with Ethereum’s rising price. But this began to plateau during the start of the bear market in January 2018.
Sudden interest at the end of June 2020 saw a steep vertical jump, when this figure spiked 5%, from 116k to 123k accounts, in less than a week.
Some four months later, the current number of accounts holding 32+ Ethereum is just short of 125k.
Source: glassnode.com
Ethereum 2.0 Nearing Phase 0 Roll Out
The long-awaited first phase of Ethereum 2.0 is scheduled for launch by the end of this year.
Also known as Phase 0, this foundational step will begin the Beacon Chain and enable the Proof-of-Stake consensus mechanism.
However, during this phase, the Beacon Chain’s full functionality is limited as the shard chains are not online and won’t be until approximately a year after Phase 0’s rollout.
“It won’t be fully operational right away because there won’t be any shard chains, so there’ll be nothing to keep in sync other than itself. Remember, the beacon chain’s main role in Eth2 is making sure all the shards have the most up-to-date data.”
Nonetheless, limited staking functionality will be available in Phase 0. But Ethereum staked during Phase 0 is locked up until the shards come online.
The requirement to become a validator, at Phase 0, is to stake at least 32 ETH by depositing into the Ethereum Foundation’s official deposit contract.
Some users have expressed reluctant in locking up their Ethereum for an entire year (approximate current value of $13k). But developers Consensys state that doing so has the potential for higher block rewards.
“ETH holders who wish to stake do not need to stake during Phase 0: they can join the network as a validator whenever they wish. However––unlike other ETH holders who have to wait until Phase 1.5 to see their ETH on the Ethereum 2.0 chain––validators can commit their funds to the blockchain starting at genesis. The incentive is the potential for higher block rewards.”
Latest Update From Core Developer Danny Ryan
Core developer Danny Ryan stated that Phase 0 Ethereum 2.0 will roll out in the coming weeks, which is welcome news for investors who have had to endure several false starts and failed testnets.
Speaking recently on the Bankless podcast, Ryan said the team had completed the bulk of the work. But it’s a case of bringing to a close all of the loose ends.
“we’re kind of in the final preparations for mainet because of these positive signals from testnet. At the same time, tying up various loose ends, which we’ll get through. That’s the status.”
Considering the pattern of accounts holding 32+ ETH, it’s clear that the community is hungry to get started.
Source: ETHUSDT on TradingView.com
