Berckmans to CZ Binance: Competitors Can Only Attack Ethereum Now, Table Will Turn Next Year
AI Trading

The CEO of Binance, Changpeng Zhao, popularly known as CZ, has revealed his interest in making Ethereum 2.0 happen as scheduled by promising to send 32 ETH to Eth2 deposit contract address.

CZ Binance made his interest public a while ago, via his official Twitter handle.

He wrote, “I might buy 32 ETH, just for the cause. Not financial advice. Just supporting ETH development.”

Read Also: Analyst: Ethereum (ETH) is About to Follow Bitcoin (BTC) and See a Parabolic Move

AI Trading

The 32 ETH mentioned by CZ is the minimum amount required for a validator to stake, in order to take part in Ethereum 2.0 and to also trigger the launch of Phase 0 of the much-awaited upgrade.

A total of 32 ETH in 16,284 deposits are required to make Phase 0 of Ethereum 2.0 go live. This implies that at least 521,088 ETH is needed to be sent to the deposit contract address before 1st December 2020.

Deposits of Required Amount of ETH Seem Dropping

The chance of attaining the required amount of ETH before the launch day seems not as certain as expected, which could have prompted CZ’s support as seen in the earlier tweet.

A chart recently provided by CryptoQuant indicates that there has been a decrease in deposits required for Ethereum 2.0 since around 6th November. At press time, there has only been one deposit of the 32 ETH for today.

As provided by CryptoQuant, below is the chart of Ethereum price (black) plotted alongside the number of Ethereum inflows (orange) into the ETH 2.0 deposit contract per day.



Analyst: Ethereum (ETH) is About to Follow Bitcoin (BTC) and See a Parabolic Move
Courtesy of CryptoQuant

Read Also: Vitalik Buterin Adds 3,200 ETH worth $1.3 Million to the Ethereum 2.0 Deposit Contract Address

A Twitter Poll on Why ETH deposits for Ethereum 2.0 Could Be Dropping

A Twitter poll started by the CEO of CryptoQuant, Ki Young Ju, to know the reason why Ethereum deposits have been dropping rather than increasing steadily shows that the majority of the crypto community members are not interested in Phase 0 of ETH 2.0.

Analyst: Ethereum (ETH) is About to Follow Bitcoin (BTC) and See a Parabolic Move

In the survey, a notable amount of respondents are also of the opinion that the drop could be due to a lack of staking rewards at this stage.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.