Ethereum (ETH), the second largest cryptocurrency by total market cap, has remained in a dilemma of uncertainty of the same size as a major FOMO. The fact that ETH is currently trading at $ 475, while the price of Bitcoin (BTC) has reached levels of $ 18,500, is associated with the ETH 2.0 uncertainty. However, Bitcoin Suisse, one of the oldest cryptocurrency service providers in the industry, made a reassuring statement about ETH 2.0.
In the statement published by Bitcoin Suisse, it was emphasized that the Ethereum 2.0 network will be offered staking support from the first day. Although the Ethereum 2.0 transition date is announced as December 1, there is a risk that the sufficient ETH stake rate will not be reached.
Will there be a delay in Ethereum 2.0?
As of press hour, 102,496 ETH has been staked for the transition to the new network. With the transition to the new network, Ethereum’s consensus model will turn into proof of existence instead of proof of work. This will eliminate the miner-based system and reveal network validators. Each network validator will also be able to earn revenue by approving transactions similar to what miners currently receive.
However, for these to happen, more than 420,000 ETH must be staked until the specified date. Although there are claims that this will not reach the date of December 1, Bitcoin Suisse made a different statement. The cryptocurrency service provider thinks that Ethereum 2.0 will be launched ahead of Christmas. This coincides with the date before 25 November. So Bitcoin Suisse experts imply that there will be no delay on December 1, which was determined for the first time.
32 ETH requirement removed
Bitcoin Suisse officials describe it as “one of the most important events in the cryptocurrency industry in 2020”. The company announced that it will not stipulate the 32 ETH limit normally required to become a network validator. This means that smaller investors can also become network validators. However, it is not known whether the lock period, which is estimated to last approximately 2 years, will be implemented.
It is estimated that Bitcoin Suisse will be able to provide staking services below the 32 ETH limit by bringing together investors with low ETH. This means that in any case, investors will not be able to withdraw their ETH until Ethereum 2.0 is fully implemented. Those who pull are waiting for the penalty of losing nearly half of their funds.
However, today, a Dubai-based investment company offering $ 10 million in support for the launch of Ethereum 2.0 also raised expectations for December 1. The finalization of the date and the increase in the stake rate can also mobilize the ETH price.