Quick take:
- Binance CEO, CZ, has hinted that he will purchase 32 ETH
- He explained the Ethereum will be used to support ETH development
- 32 ETH is the minimum staking requirement on ETH2.0
- ETH2.0 needs at least 16,284 validator deposits of 32 ETH each to trigger Phase 0
- According to CryptoQuant.com, the ETH deposits required seem to be dropping
Binance CEO, Changpeng Zhao, has hinted via Twitter that he might purchase 32 ETH to support development on the Ethereum blockchain. CZ’s exact statement was as follows.
I might buy 32 #ETH, just for the cause.
Not financial advice. Just supporting ETH development.
CZ’s words are clear in the sense that his intention to buy 32 ETH is to stake them as part of the required Ethereum to trigger Phase 0 of ETH2.0.
A total of 16,284 deposits of 32 ETH are required to trigger this stage of ETH2.0 which has been estimated to occur on the 1st of December. Furthermore, the required Ethereum (ETH) needs to be deposited 7 days prior to the aforementioned date for Phase 0 to occur as planned.
Deposits of the Required 32 ETH Seem to Be Dropping
CZ musing about buying 32 ETH might be as a result of a decrease in Ethereum deposits required for ETH2.0.
At the time of writing, there has only been one deposit for today of the minimum 32 Ethereum. Furthermore, deposits of the required Ethereum have decreased from around the 6th of November. The screenshot below from CryptoQuant provides a better visual cue of the situation. It is of a chart of Ethereum’s price (black) plotted alongside the number of Ethereum inflows (orange) into the ETH2.0 deposit contract per day.
Why Ethereum Deposits for ETH2.0 Could be Dropping
According to a recent Twitter survey by the CEO of CryptoQuant.com, Ki Young Ju, 45% of respondents believe that the declining rate of ETH deposits could be due to investors not having an interest in Phase 0 of ETH2.0.
Below is a screenshot of the survey by Mr. Ju. The survey is still active for another 4 hours with 807 individuals having participated thus far.
From the survey, it can be observed that a significant amount of respondents believe that the reduction in ETH deposits to trigger Phase 0 of ETH2.0, could also be due to a lack of staking rewards at this stage.