The largest Ethereum contract containing 8,641,954 Ether (ETH) worth 33.5 billion dollars is idle because it cannot be spent or sent.
A Twitter user highlighted the contract on the Beacon Chain stating that is the largest Ethereum contract with billions of dollars in ETH “trapped” in it.
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
BREAKING NEWS: 8,641,954 ETH ($ 32 billion) trapped in Ethereum’s biggest contract and cannot be sent or spent. It will require a hard fork that has not yet been written or specified. The timing and terms of the hard fork are still unknown.
Is about a staking contract on the Ethereum 2.0 Beacon Chain released in November 2020, and cannot be spent without a hard fork.
What makes this even more surprising is the fact that the terms of the hard fork have yet to be decided and the people who sent their ETH to the contract were well aware of that fact. The terms of the hard fork could be decided once the Beacon Chain merges with the Ethereum rmainnet.
The Beacon Chain is the first key stepping stone in Ethereum’s step from a proof-of-work mining consensus to a proof-of-stake (PoS) consensus.. To become a validator in Eth 2.0, a trader must staking a minimum of 32 ETH. Therefore, the equivalent of 33.5 billion ETH in the largest Beacon Chain contract shows the high demand and confidence in Eth 2.0.
In early December, Ethereum developers convened community members to test the PoS-based merger to ETH 2.0.. The testing phase has been divided into three phases, namely for non-technical users, developers with limited blockchain experience, and highly technical and experienced blockchain developers.
The merger of the Beacon Chain with the Ethereum mainnet would complete the transition to PoS from Eth 2.0. Ethereum.org’s official page for Eth 2 suggests that the merger could be completed in the first or second quarter of 2022.
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