Ethereum 2.0 Approaching Launch, Deposit Contract Anticipated This Week

The long-anticipated new version of Ethereum blockchain is close, with its deposit contract likely to be unveiled this week.

A developer at Ethereum-focused software company ConsenSys, Ben Edgington recently posted a blog post in which he mentioned, “As I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later.”

Notably, Ethereum 2.0 is quite delayed after initially being scheduled for release back in the month of January. The update is also becoming ever more required due to an explosion in DeFi space which has led to a noticeable spike in the usual transaction fees and sluggish transaction speeds.

A concerning setback took place just weeks ago subsequent to an Ethereum 2.0 testnet was unsuccessful launching because of consensus issue associated with client bugs. Those bugs have now been removed and the introduction of Ethereum 2.0 should now be near.

Edgington emphasizes in his post that the Medalla testnet is facing low partaking and considers that individuals are getting tired of them.

It seems improbable ETH won’t stay a leader in decentralized smart contracts in the imminent years, given its massive backing. Nevertheless, promising competitors might begin eating at its market share. Further postponements to Ethereum 2.0 will only direct more developers and investors towards new entrants.