- The largest ETH contract ever-the Beacon Chain still remains locked.
- The staking contract values 8,641,954 ETH worth of #33.5 Billion .
- Seems a completely new developed hard fork is necessary for unlocking it.
To my astonishment, indeed, to everyone’s astonishment, yes you folks have read the title correctly. And so, yes it’s true.
The largest Ethereum (ETH) contract ever, the Beacon Chain staking contract is actually kept silent as it’s currently locked up. Let’s dig deeper.
The Trapped Contract
Usually random Twitter users tweeting regarding something in the crypto industry may often be considered as bull shit.
However, a closer research into it took me to the fact that it’s actually true. And so, the Twitter username, Tomer Strolight tweets, stating 8,641,954 are trapped in the largest ETH contract, the Beacon Chain.
Furthermore, the tweet mentions that the only possible way to unlock this contract is to develop a completely new hard fork.
On the other hand, the irony is that even though the contract will remain locked, investors are still pouring in despite knowing the fact well. It might be the thought that for sure the hard fork would be developed as no one is ready to waste $33.5 Billion worth of ETH.
The Beacon Chain Staking Contract
The Beacon Chain is actually an Ethereum 2.0 based staking contract, launched by the fourth quarter of 2020.
In addition, the Beacon Chain will be the first contract to devise staking on ETH based upon the proof-of-stake (PoS). Also, the minimum investment upon the contract is 32 ETH.
Furthermore, the Beacon Chain is actually soon expected to merge together with the Ethereum Mainnet soon. However this will take place within the first half of 2022.