Monday, May 10, 2021

CZ Binance Hints at Sending 32 ETH to Deposit Contract Address to Support Ethereum 2.0 Launch

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

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.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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