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December 15, 2021   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, FinTech and Alternative Finance, Fintech International, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Stories, Voices   No comments

Single largest Ethereum contract worth $33.5 billion ‘trapped’

Cointelegraph | Prashant Jha  | Dec 15, 2021

32 billion ethereum contract locked - Single largest Ethereum contract worth $33.5 billion 'trapped'

The largest Beacon Chain staking contract worth $33.5 billion is awaiting the Ethereum mainnet merger to unlock.

The single largest Ethereum contract containing 8,641,954 Ether (ETH) worth $33.5 billion is sitting idle because it cannot be spent or sent.

A Twitter user highlighted the Beacon chain contract, claiming it to be the largest Ethereum contract with billions of dollars worth of ETH “trapped” inside it.

See: 

More Ethereum Has Been Burned Than Minted in the Past 24 Hours

The London Hard Fork is a big step towards Ethereum 2.0’s major upgrade

The contract in question is an Ethereum 2.0 Beacon Chain staking contract launched in November 2020, and it cannot be spent without a hard fork.

What makes this even more astonishing is the fact that the terms of the hard fork are yet to be decided, and people sending their ETH into the contract were well aware of the fact. The terms of the hard fork could be decided once the Beacon Chain merges with the Ethereum mainnet.

The Beacon Chain is the first key step in Ethereum’s move from a proof-of-work mining consensus to a proof-of-stake (PoS) one.

In order to become a validator in Eth2, a trader must stake a minimum of 32 ETH. Thus, the $33.5 billion worth of ETH in the largest Beacon Chain contract shows the high demand and trust in the upcoming Eth2.

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