Ethereum 2.0 Coordinator Announces Progress With Beacon Chain Upgrade
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The Ethereum Foundation is about to sponsor projects that are operating within the ETH 2.0 staking sphere.

For this reason, the foundation has invited teams and individuals, especially those that are building Ethereum 2.0 staking pools and guides, to apply for grants.

According to the report, the invitation is open for interested individuals or teams until 22nd December 2020 for all projects.

Ethereum Foundation said:

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“The point of the program is to help contribute to the long term health of the Eth2 staking and validator community. Ideas and projects at any stage of development are welcome: Idea phase; Proof of concept; Work in progress, and Fleshed out project.”

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

The grants program established by the foundation comes as Ethereum is preparing to move from a proof-of-work (PoW) system to a proof-of-stake (PoS) mechanism.

Proof of stake will arrive with the Beacon Chain, which is expected to go live on 1st December 2020, when at least 524,288 ETH is staked in the Eth2 staking deposit contract.

So far, however, nearly 100,000 ETH has been deposited in the Eth2 deposit contract. ETH holders are likely holding back from depositing until the last day to avoid opportunity costs.

In other words, ETH holders have little incentive to lock their ETH now when they can utilize it for other activities, such as lending to earn yield or use it as collateral for trading.

Ethereum 2.0 stakers can withdraw their stake only when Ethereum fully transitions to a proof-of-stake system, or once the Ethereum mainnet becomes a shard, which is expected to happen sometime in 2021.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.