Vitalik Buterin sent 3,200 ETH to Ethereum 2.0 deposit contract.

Ethereum co-founder Vitalik Buterin sent 3,200 ETH (~$1.3m) to the deposit contract of Ethereum 2.0. As of writing, the balance of this address stands at 33,413 ETH (~$14.5m).

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The deposit contract enables transferring ETH from the existing network into ETH2, confirming the authority of stakers.

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In an interview with The Block, Buterin noted that he expects continued interest from community members in sending funds to the deposit contract. The incentives will be “a desire to master the tools and growing confidence that users do not accidentally withdraw ETH from cold wallets,” he added.

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“There are few precedents. One can recall the Ethereum token sale of 2015. On the first day there was a significant (yet disappointing) level of participation, then a very small one over the next 11 days, and on the 13th and especially the 14th day (the last day of the full discount) there was a huge spike when about half of all the coins went on sale. Thus, there is a high likelihood that there will be a period of lull and a surge in the final week of November. But these are just my thoughts; we’ll see,”

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The Ethereum co-founder retweeted a post about the need to use Launchpad for deposits into Ethereum 2.0 staking. The reason is that the deposit contract does not accept direct deposits from personal wallets. If funds are sent from an exchange, there is a high risk of loss, as it would be unlikely to handle a transaction reversal.

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https://t.co/Ema04pggSJ pic.twitter.com/UtUoLMnbW8

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— Jeff Coleman | Jeff.eth (@technocrypto) November 4, 2020

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Earlier, Ethereum 2.0 lead developer Danny Ryan stated, that the ETH2 deposit contract launch would take place in the first half of November.

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Analysts at ConsenSys Codefi suggested, that high yields from DeFi protocols could pose a threat to staking in Ethereum 2.0.

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What is Ethereum 2.0?

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