The largest Beacon Chain staking contract, valued at $33.5 billion, is awaiting the completion of the Ethereum mainnet merger.
Because it cannot be spent or sent, the single largest Ethereum contract, containing 8,641,954 Ether (ETH) valued $33.5 billion, is sitting idle.
The Beacon chain contract, according to a Twitter user, is the largest Ethereum contract, with billions of dollars worth of ETH “stuck” inside it.
The contract in question is a staking contract for Ethereum 2.0 Beacon Chain, which was launched in November 2020 and cannot be spent without a hard fork.
A What’s more amazing is that the hard fork’s terms are still being worked out, and those that sent their ETH into the contract were well aware of this. After the Beacon Chain combines with the Ethereum mainnet, the terms of the hard fork could be decided.
The Beacon Chain is the first key step in Ethereum’s move from a proof-of-work mining consensus to a proof-of-stake (PoS) one. In order to become a validator in Eth2, a trader must stake a minimum of 32 ETH.
Thus, the $33.5 billion worth of ETH in the largest Beacon Chain contract shows the high demand and trust in the upcoming Eth2.
Ethereum developers requested that community members test the PoS-based Eth2 merger at the beginning of December. Non-technical users, developers with minimal experience in blockchain, and highly technical and experienced blockchain developers are all included in the testing phase.
The Beacon Chain’s integration into the Ethereum mainnet would complete the PoS Eth2 transition. According to the official Ethereum.org page for Eth2, the merger could take place in Q1 or Q2 of 2022.