More than $33B worth of ETH is trapped in one of the biggest Ethereum contract as the biggest Beacon Chain staking contract is awaiting the mainnet merger to unlock so let’s read more today in our latest Ethereum news.
The single biggest Ethereum contract with 8,641,954 ETH worthmore than $33b worth of ETH is now idle because it cannot be spent or sent anywhere. The Twitter user outlined the Beacon Chain contract as it claims to be the biggest Ethereum contract with billions of dollars worth ETH trapped inside. The contract in question is an ETH 2.0 Beacon Chain staking contract which was initially launched In November a year ago and can’t be spent without a hard fork. What makes it even more interesting is the fact that the terms of the hard fork are not decided yet and people send their ETH into the contract that is aware of the fact. The terms of the hard fork could be decided once the Beacon Chain that merges with the ETH mainnet.
BREAKING: 8,641,954 ETH ($32 billion) trapped in single largest Ethereum contract and unable to be sent or spent. Will require hard fork that hasn’t been written or specified yet. Timing and terms of hard fork still unknown.https://t.co/xcXPwbS93v
— Tomer Strolight | Not interested in your trades. (@TomerStrolight) December 14, 2021
The Beacon Chain is the first key step in the ETH move from a proof of work mining consensus to the proof-of-stake one and in order to become the validator in ETH2, the trader has to make a minimum of 32 ETH and the $33.5 billion worth of ETH in the biggest Beacon Chain that shows high demand and trust for the upcoming ETH2.
When December started, Ethereum developers called before the community members to test the merger to PoS-based ETH2 and the testing phase was divided into three phases for non-technical users, the developers that have slight experience in blockchain, and highly technical and experienced blockchain developers. The merger of the Beacon Chain into the ETH mainnet will complete the transition to PoS ETH2 and the official page on Ethereum.org shows that the merger could be completed by Q1 or Q2 of 2022.
As recently reported, Ethereum extended the decline below the $3850 and $3800 support levels with the price now trading below $4000 and the 100 hourly simple moving average. There’s a key bearish trend line that is forming near the $3800 resistance on the hourly chart of the pair. The pair could start a new increase if it clears the $3850 resistance zone and the 100 hourly SMA. Ethereum had a hard time gaining pace above the $4000 and $4050 levels with the coin starting a fresh decline and trading below the $3850 support zone.
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