Home News $33.5 billion worth of ETH ‘trapped’ in largest Ethereum contract

$33.5 billion worth of ETH ‘trapped’ in largest Ethereum contract

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Because it cannot be spent or sent, the single largest Ethereum contract, which contains 8,641,954 Ether (ETH) worth $33.5 billion, is sitting idle.

In fact, the Beacon chain contract, according to a Twitter user, is the largest Ethereum contract, with billions of dollars worth of ETH “stuck” inside.

Additionally, the contract in question is a staking contract for Ethereum 2.0 Beacon Chain. Which launched in November 2020 and cannot be spendable without a hardfork.

Beacon chain staking contract. Source: Etherscan

What’s more amazing is that the hard fork’s terms are still under implementation. And those that sent their ETH into the contract were well aware of this. After the Beacon chain combines with the ETH mainnet, the terms of the hard fork could be decided.

The Beacon chain is the first major stage in Ethereum’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus model. In Eth 2.0, a trader must invest a minimum of 32 ETH in order to become a validator. As a result, the $33.5 billion in ETH traded in the largest Beacon chain contract demonstrates the strong demand for Eth 2.0.

Ethereum developers requested that community members test the merger to ETH 2.0. Which is based on the PoS consensus algorithm, at the beginning of December. Moreover, non-technical users, developers with limited blockchain experience. And highly technical and experienced blockchain developers are all part of the testing phase.

The Beacon chain’s integration into Ethereum’s mainnet would complete the move to Eth 2.0’s PoS model. According to the official Ethereum.org page for Eth 2, the merger maybe completed in the first or second quarters of 2022.

Ethereum 2.0 node count drops to a one-month low as ETH price climbs to new heights

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