Over $ 33 billion value of ETH is trapped within the largest Ethereum contract

More than $ 33 billion in ETH is trapped in one of the largest Ethereum contracts as the largest beacon chain staking contract waits for the mainnet merger to go live. So let’s read more today in our latest Ethereum news.

The largest single Ethereum contract with 8,641,954 ETH worth more than $ 33 billion in ETH is now idle as it has nowhere to be spent or sent. The Twitter user sketched the Beacon Chain contract as it claims to be the largest Ethereum contract trapped in billions of dollars worth of ETH. The contract in question is an ETH 2.0 Beacon Chain Staking contract, which was first launched in November a year ago and cannot be issued without a hard fork. What makes it even more interesting is the fact that the terms of the hard fork are not yet set and people are putting their ETH in the contract who are aware of it. The conditions of the hard fork could be decided as soon as the beacon chain merges with the ETH mainnet.

BREAKING: 8,641,954 ETH ($ 32 billion) trapped in the largest single Ethereum contract and cannot be sent or spent. Requires hard fork that has not yet been written or specified. The timing and conditions of the hard fork are still unknown

– Tomer Strolight | Not interested in your trades. (@TomerStrolight) December 14, 2021

The Beacon Chain is the first important step on ETH’s path from a proof-of-work mining consensus to a proof-of-stake consensus. To become the validator in ETH2, the trader must have at least 32 ETH and the $ 33.5. earn billions from ETH in the largest beacon chain, which shows high demand and trust in the upcoming ETH2.

As December kicked off, the Ethereum developers called on community members to test the merger to become the PoS-based ETH2 developers. The merger of the Beacon Chain into the ETH Mainnet will complete the transition to PoS ETH2 and the official page on Ethereum.org shows that the merger could be completed by the first or second quarter of 2022.

Overview of the cryptocurrency market. Source Quantifying Crypto

As recently reported, Ethereum has extended the decline below the $ 3850 and $ 3800 support levels, with the price now trading below $ 4000 and the 100-hour simple moving average. A major bearish trendline is forming near the USD 3800 resistance on the pair’s hourly chart. The pair could start a new spike if it breaks the USD 3850 resistance zone and the 100-hour SMA. Ethereum struggled to break above the $ 4000 and $ 4050 levels as the coin began another decline and traded below the $ 3850 support zone.

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