Celsius says it tipped in 25,000 Ether to help launch Ethereum 2.0

Summary (IA Generated)

The highly anticipated launch of Ethereum 2.

1 launch date for the beacon chain, an impressive 524,288 Ether (ETH) from 16,384 validators has been deposited into the Eth2 contract.

24 showing the impressive amount of transaction across the Ethereum network over time:.

While it’s unknown where these transactions came from, Alex Mashinsky, chief executive officer and founder of Celsius Network — a crypto lending and borrowing platform — told Cointelegraph that Celsius provided 25,000 worth of ETH to ensure that the Eth2 deposit contract had enough funds to launch on time.

According to Mashinsky, the amount of ETH Celsisus deposited was equivalent to $15,125,000 at the time of the transaction.

Mashinsky further noted that funds came from the Celsius ‘s pool of community assets, explaining that this will be used to generate an even higher yield for the community once the Eth2 network is officially launched.

The 25,000 ETH contributed to the proof-of-stake Ethereum network will generate another source of yield for our community.

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Mashinsky further shared that the growing Celsius community has been modeled off Ethereum, noting the importance of giving back the Ethereum network:.

“We built our CEL token on the Ethereum blockchain and used it to scale and become one of the fastest-growing companies in crypto.

0 Genesis and contribute the last building block with 25,000 ETH from the Celsius community and be a helping hand to a company that helped us scale our own project.

Although the Eth2 beacon chain is set to launch on Dec.

For example, while scalability issues are expected to be resolved as Ethereum adopts a proof-of-stake consensus algorithm, the security of some Ethereum smart contracts remains questionable.

Concerns aside, Mashinsky expressed excitement for faster scalability from the Eth2 network:.

The ability to move Ethereum from a proof-of-work to a proof-of-stake network will open a world of new ideas and opportunities that couldn’t be achieved before due to scalability issues.