DeFi Slate Fam:
Today is LIT. The hangover of the US elections is looming over everyone I know.
Its been a drag & its still not over.
Amidst the waiting, markets have been absolutely sending it to the upside with BTC & ETH, equity indexes, and even metals up several percentage points…who knows how long this will last…
However to us in the Ethereum community, this isn’t even close to the biggest news of the week.
ETH 2.0 IS LAUNCHING IN DECEMBER.
Yup. We are entering a new phase for Ethereum, one based on Proof Of Stake & scalability.
No one will be covering this. No mainstream news. Nothing.
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BREAKING: ETH 2.0 Launch 🚀
Today is the most monumental day in 2020 for crypto. On the hangover of US elections, which we still have no idea who won, today November 4th marks the day in which the Ethereum 2 deposit contract opened up for validators to deposit 32ETH!
And as we speak there are millions of $$$ of ETH flooding into the staking contract:
So, what is actually going on here?
Essentially the main event is a switch from Proof-of-Work to Proof-of-Stake for Ethereum.
“Ethereum 2.0 uses proof-of-stake to secure its network. For this, we need active participants - known as validators - to propose, verify, and vouch for the validity of blocks. In exchange, honest validators receive financial rewards.Importantly, validators need to post ETH as collateral - in other words, have some funds at stake. The only way to become a validator is to make a one-way ETH transaction to the deposit contract on the current Ethereum chain.”
Head over to Ethereum Launchpad to see what is happening & how to deposit.
Why would I want to stake my ETH?
For staking your ETH and attesting to correct blocks, you will be rewarded with additional ETH through a network wide interest rate as well as receive a portion of network transaction fees. Details can be found here.
What are the minimum requirements to stake?
A minimum of 32 ETH per validator
Computer with sufficient hardware specs
Needless to say, this event stirred up some serious action amongst the Ethereum community as well as traders as price shot up nearly 7% in a matter of hours.
The Ethereum community has been quite vocal on Twitter about the importance of this event:
This is a huge moment for the Ethereum community who have been fielding coments such as “ETH 2.0 will never ship” for months on months while the devs have been steadily pushing away and grinding it out.
Who knows whats to come, but we foresee a future with a scalable, decentralized, trustless, global, permissionless supercomputer called Ethereum ruling the Web 3.0 space with a plethora of dApps built atop it.
Welcome to the future degens👨🏽🌾
⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.
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