Ethereum Community Dismisses One Toxic Narrative

The r/Ethereum community that unites 1,300,000 blockchain enthusiasts interested in Ethereum’s (ETH) development progress has released a statement to debunk the most common misconception of Ethereum’s migration to proof-of-stake.

ETH2 will not launch as a product one day, here’s why

According to the publication by u/CommunicationNo3845, an Ethereum (ETH) supporter from the r/Ethereum community on Reddit, some crypto fans have inaccurate expectations of the future of Ethereum (ETH).

ETH2.0 is not a “product” that will “launch” one day. As Vitalik described it, Ethereum will slowly morph into a different more advanced version with subtle improvements overtime. #Ethereum https://t.co/XcgcJbYDaC

— /r/Ethereum (@r_Ethereum) April 2, 2022

It states that Web3 enthusiasts are expecting the new Ethereum (ETH) to launch as a novel product on a particular date. Typically, projects share the exact date of mainnet or testnet releases, but this will not work for the flagship smart contracts platform.

Instead of waiting for a hypothetical “Ethereum 2.0 deadline,” Ethereum (ETH) advocates would be better focused on two separate workloads, namely migration to proof-of-stake (PoS) as a technical basis and the rollout of sharded network infrastructure.

Also, experiments with rollups as a possible solution for Ethereum (ETH) scaling is one more direction of R&D progress highlighted by its creator, Vitalik Buterin.

Deposit contract surpasses 11 million ETH staked

Thus, proof-of-stake Ethereum (ETH) will not go live one day:

So bottom line is, if you’re expecting a date of ETH2.0 to “launch” then dont cause its more of a combined process rather than an event launching.

This statement is highly welcomed by the community: r/Ethereum members upvoted it more than 400 times in 12 hours after publication.

In the meantime, the Ethereum (ETH) proof-of-stake deposit contract, a building block of its staking tokenomics, has smashed through another milestone.

Currently, it holds 11,041,778 Ethers, or $38.7 billion in equilvalent. Should it become a publicly listed company, the Ethereum deposit contract would be valued as high as Motorola, BNY Mellon, Nornickel or ST Microelectronics.