#Ethereum 2.0 has trapped a $33.5 billion worth contract

Ethereum 2.0 will make the largest altcoin’s blockchain more environment-friendly. The entire Ether community with others in the crypto ecosystem are bullish over the upcoming upgrade. Hence, many have already staked huge funds on the network to enjoy the benefits of the network growth. Recently it has been found that the single largest contract on the network contains 8,641,954 (ETH) which is worth about $33.5 billion. It is notable that the contract is sitting idle because it cannot be spent or sent until the mainnet merger will unlock that.

Billions of dollars trapped waiting for Ethereum 2.0 hard fork

The largest Ethereum 2.0 Beacon Chain staking contract has been identified. According to a Twitter user, the largest Ether contract with billions of dollars worth ETH has about $33.5 billion worth coins. The users also underscored that the coins are trapped inside the contract, which was launched in November last year. Moreover, it is noteworthy that billions of dollars cannot be spent without a hard fork.

It is incredible to see how people could be so bullish on ETH2.0, when the terms of the hard fork are yet to be decided. Indeed, individuals are still continuing to stake their hard-earned funds after being well aware of the fact. However, the terms of the fork would be decided after the Beacon Chain merges with the blockchain’s mainnet.

Ether community shows high demand and trust

It is notable that the Beacon Chain is the first key step in Ether’s move towards an environment-friendly consensus mechanism from Proof-of-Work (PoW) mechanism. Moreover, in order to be a validator, users have to stake a minimum of 32 ETH tokens on Ethereum 2.0 network. Following the scenario, such a contract worth billions of dollars shows that there is a high demand and trust in the upcoming fork among the community.

When will the merger complete?

Earlier this month, ETH devs called upon community members to test the Beacon Chain merger to the Proof-of-Stake (PoS) based Ethereum 2.0. Notably, the testing phase has been divided into three phases that were for non-technical users, devs with limited experience in blockchain, and highly technical and veteran blockchain devs. Indeed, the merger will only complete the transition of the network to complete PoS-based Ethereum 2.0. According to the brains behind the blockchain network, the merger would complete by Q1 or Q2 of the next year.

   
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