There is now 20% of the required staked ETH needed for the network to launch its proof-of-stake-chain, the first step in its transition to Ethereum 2.0, and a big chunk of it is coming from long-time ETH whales.
There is 105k ETH in the ETH2 deposit contract out of the required 524K, just two weeks away from the Dec. 1 planned launch date. Bison Trails dug into who has stepped up so far, and over 25% of the total deposited corresponds to just three holders.
2017 Bull Run
A huge whale deposited 17,088 ETH on Nov. 14, according to Viktor Bunin at Bison Trails. This holder apparently bought all of this ETH during the 2017 bullrun when ETH was trading at $300 and held it in various addresses for more than three years. They hadn’t untouched it until now, Bunin said.
“Another whale, who deposited 5,504 ETH, first began accumulating ETH more than four years ago. One more deposited 5,024 ETH after holding on to it for three years, and their transaction history shows they have another 15k ETH on standby,” Bunin wrote in a report.
Other large investors are set to participate. Dubai-based investment firm IBC Group yesterday said it plans to stake 20k ETH, or around $10 million, to support the upcoming launch of Ethereum 2.0. IBC will be using Canada based CanETH to make the deposit, according to a report by Trade Arabia.
This is forming a theme—Ethereum OG’s were and still are believers in Ethereum’s vision, whether you call it proof of stake, Serenity, or eth2. They are putting a lot of capital on the line after sitting on it for so long because they want to be part of making this vision a reality.
It remains to be seen whether the goal will be met with so little time left; maybe holders are holding off until the very last minutes so they don’t miss out on other investment opportunities before locking up their ETH. Regardless, these transactions show some Ethereum OGs are as bullish as ever on the network’s future.