Vitalik Buterin Logs $ 1.4 Million For Ethereum 2.0

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Vitalik Buterin, one of the founders of Ethereum (ETH), sent $ 1.4 million worth of ETH to the network in order to smoothly transition to the ETH 2.0 update.

Ethereum developers announced this week that the deposit agreement prepared for the ETH 2.0 update is ready and pointed to December 1, 2020 for the update. In order to make a smooth transition to the ETH 2.0 network, which will use the proof-of-stake (PoS) algorithm, 524 thousand 268 ETH must be sent to the deposit agreement, in other words, staked. If the minimum limit of 16,348 validators is reached, the Ethereum 2.0 update can be activated without any problems.

Vitalik made its first operation

Ethereum founder Vitalik Buterin sent money to the ETH 2.0 contract for the first time today. 3,200 units (1.4 million dollars) of ETH were sent to the deposit contract from Buterin’s address known as VB2. Buterin, who sent 32 ETH at a time, made a total of 100 different transactions.

It is no coincidence that Vitalik Buterin sends 32 ETH to this contract every time. ETH users are required to deposit a minimum of 32 ETH in this contract in order to stake in the deposit contract. Etherscan data show that $ 17 million worth of ether has been invested in this contract so far, that is, 38,693 ether.

Only a few weeks left

The ETH 2.0 update, which Ethereum users have been waiting for a long time, should normally be activated on January 3, 2021. This also coincides with the 12th anniversary of the Bitcoin network activation.

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After the ETH developers made the deposit contract ready, they made an update and brought this date to December 1. Ethereum users will be able to earn passive income over the ETH they stake, if this update is passed smoothly. According to CoinDesk news, users are expected to earn between 8 and 15 percent per year.


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