Ethereum co-founder Vitalik Buterin sends his first ETH for staking

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 7, 2020
  • Ethereum is approaching the launch of ETH 2.0 and all the services that the new upgrade will bring.
  • The upcoming ETH staking has already caused many to buy ETH and send it to the project's deposit contract.
  • The launch of Ethereum 2.0 is expected to come in early December of this year.

This is an exciting time for Ethereum, as the launch of ETH 2.0 is finally coming. In fact, Phase 0 of the upgrade has already commenced, and the project just launched its deposit contract this Wednesday.

Now, everyone is preparing their ETH coins for the upcoming staking, and even the project’s co-founder, Vitalik Buterin, sent some of his coins for the purpose of staking.

Ethereum’s Vitalik Buterin sends 3200 ETH for staking

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According to a report by TrustedNodes, Buterin used his VB2 wallet to send a total of 3,200 ETH in 100 transactions, each of which carried only 32 ETH. Based on ETH’s price at the time transactions were made, the total worth of the amount is around $1.4 million.

Of course, the funds were sent to the new deposit contract, which was launched so that network participants could move their funds from the old PoW blockchain to the new PoS which is about to arrive.

Since the contract’s launch, public ETH participants could only send a minimum of 32 ETH, which is required for staking on the upgraded version of the blockchain.

By now, users have already deposited around 38,693 ETH, with the total worth of the deposited money being around 17 million.

Highly-anticipated Ethereum staking is coming

With the popularity of staking seeing a huge rise recently, it is no surprise that so many users are rushing after the opportunity to engage the new service.

It revolves around allowing users to lock up and commit their funds for a certain period of time. In exchange for doing so, users are granted rewards.

There is no actual mining involved, as PoS networks already have all of their coins mined. Ethereum is about to become such a network, as well. For the time being, however, it is still minable, just like Bitcoin.

As for Ethereum 2.0, it was supposed to launch early in 2020, although it was delayed. The next launch date is not yet established, although many expect that it will take place in early December.

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