Single-Largest 8,641,954 ETH Contract Awaits Ethereum Mainnet Merger to Unlock

Single-Largest 8,641,954 ETH Contract

The largest single Ethereum contract contains 8,641,954 Ether, equivalent to $33.5 billion, is waiting for the Ethereum hard fork to open any transaction on it. 

The contract is an Ethereum 2.0 Beacon Chain staking that was opened in November 2020 and awaits the terms of the hard for, which have not been decided yet.

The hard fork terms would only be arrived at when the Beacon chain integrates with the Ethereum mainnet.

The contract reportedly underpins the user confidence in the upcoming Ethereum 2.0 protocol.

The Beacon Chain is the initial phase of the Ethereum transition to the proof–of–stake consensus algorithm. A trader is required to stake a minimum of 32 Ether to validate transactions.

The Ethereum developers asked its community at the start of the month to try out the merger into the Proof-of-Stake Ethereum 2.0. The pilot phase involved non-technical users, developers with low expertise in the blockchain, and the most experienced ones.

The merger of Beacon Chain and the Ethereum mainnet is expected to be completed by next year’s first or the second quarter.

Source: Etherscan

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