The largest Beacon Chain staking contract, valued at $33.5 billion, is expecting the accomplishment of the Ethereum mainnet merger.
The only largest Ethereum contract, incorporating 8,641,954 Ether (ETH) worth $33.5 billion, is out of operation since it cannot be spent or transferred.
The Beacon chain contract, according to a Twitter user, is the largest Ethereum contract, with billions of dollars worth of ETH "trapped" inside it.
“BREAKING: 8,641,954 ETH ($32 billion) trapped in single largest Ethereum contract and unable to be sent or spent. Will require a hard fork that hasn't been written or specified yet. Timing and terms of hard fork still unknown.https://t.co/xcXPwbS93v
— Tomer Strolight | Not interested in your trades. (@TomerStrolight) December 14, 2021”
The contract in concern is an Ethereum 2.0 Beacon Chain staking contract that was released in November 2020 and it can be spent without a hard fork.
The thing which makes it more incredible is that the hard fork's terms are yet to be decided, and people who transferred their ETH into the contract were completely aware of this. When the Beacon Chain merges with the Ethereum mainnet, the terms of the hard fork could be determined.
The Beacon Chain is the first major step in Ethereum's move from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. A trader must stake at least 32 ETH to become a validator in Eth2. As a result, the largest Beacon Chain contract, valued at $33.5 billion in ETH, indicates the high demand and trust in the forthcoming Eth2.
Ethereum developers asked the community members to test the PoS-based Eth2 merger at the beginning of December. Non-technical users, developers with bounded experience in blockchain, and highly technical and experienced blockchain developers are all included in the testing phase.
The Beacon Chain's merger into the Ethereum mainnet would accomplish the PoS Eth2 transition. According to the official Ethereum.org page for Eth2, the merger could be concluded by Q1 or Q2 of 2022.