There were fears that Ethereum 2.0 (ETH2 or Serenity) was going to be delayed once again. Danny Ryan, an Ethereum Foundation researcher, said in a podcast in the middle of October:
“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct. Given how critical this library is, and given that, if there is a fundamental error in this library we could f*ck some sh*t up in terms of genesis deposits, that is the blocker.”
Fortunately, the ETH2 deposit contract was recently released by developers. The deposit contract will facilitate a transfer of Ethereum from the original blockchain to the new one.
Ethereum 2.0 Progress Update
Last week, the Ethereum 2.0 deposit contract was released. Investors could deposit ETH in this contract, which will allow depositors to claim ETH2 on the second network once it goes live.
Currently 47.7k ETH sent to the ETH2 deposit contract 🌄
9% of the 524k threshold 🧗
— Dune Analytics (@DuneAnalytics) November 8, 2020
Vitalik Buterin Makes Big Deposits
Vitalik Buterin has been one of the key participants in this contract.
Analysts online noted that one of Vitalik Buterin’s known addresses has deposited 3,200 ETH, meaning enough coins for 100 validators, into the contract.
In Buterin’s address, there remains $2.5 million worth of Ethereum. It is unclear if he will continue depositing those coins into the deposit contract.
There are other whales participating in the deposit contract as well, though it isn’t 100% clear who exactly these individuals are.