Celsius says it tipped in 25,000 Ether to help launch Ethereum 2.0

Wednesday 25 November 2020, 9:57 AM AEST - 3 months ago

The highly anticipated launch of Ethereum 2.0, or Eth2, is scheduled to take place next week. Specifically speaking, Eth2s proof-of-stake blockchain known as the beacon chain has been confirmed to run alongside the Ethereum network starting Dec. 1.

Although some members of the blockchain community remained skeptical about a Dec. 1 launch date for the beacon chain, an impressive 524,288 Ether (ETH) from 16,384 validators has been deposited into the Eth2 contract. As such, there is now assurance from The Ethereum Foundation that Eth2s beacon chain will indeed go live as expected.

While impressive, its important to note that additional deposits went into the Eth2 deposit contract even after the target goal was reached. To put this into perspective, Vitalik Buterin, the co-founder of Ethereum, sent a recent tweet on Nov. 24 showing the impressive amount of transaction across the Ethereum network over time:

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While its unknown where these transactions came from, Alex Mashinsky, chief executive officer and founder of Celsius Network — a crypto lending and borrowing platform — told Cointelegraph that Celsius provided 25,000 worth of ETH to ensure that the Eth2 deposit contract had enough funds to launch on time.

According to Mashinsky, the amount of ETH Celsisus deposited was equivalent to $15,125,000 at the time of the transaction. Mashinsky further noted that funds came from the Celsius s pool of community assets, explaining that this will be used to generate an even higher yield for the community once the Eth2 network is officially launched. Currently, Celsius users can earn up to 7.21% Annual Percentage Yield on ETH held in the Celsius wallet. Mashinsky said:

We already have 230 thousand users on the Celsius network, along with 3.3 billion dollars worth in assets. These users are putting in ETH, allowing the network to earn yield on it in many different ways. The 25,000 ETH contributed to the proof-of-stake Ethereum network will generate another source of yield for our community.

Mashinsky further shared that the growing Celsius community has been mo ...

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