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Why are there so few people staking on Ethereum 2.0?

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The first part of Ethereum 2.0 can only be launched after enough people have staked their ETH, but this is not yet on the right track.

Original title: "Not Enough People Are Staking on Ethereum 2.0. Here's why"

Original author: Scott Chipolina

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- Not enough people are staking ETH for Ethereum 2.0 upgrade.
-There are many reasons why users are not willing to stake.
- 32ETH is simply too expensive for some people.

The first part of Ethereum 2.0 is expected to launch in early December. But so far, the amount of ETH pledged is only 10% of the required amount, which means that Ethereum will not be able to upgrade as scheduled.

Staking Ethereum means locking a specific amount of ETH in exchange for rewards. Ethereum 2.0, an upgraded version of the Ethereum network, is coming, making Ethereum far more scalable than it is today. So why are some Ethereum proponents announcing that they will not stake on Ethereum in the future? Because for many users, this is simply too complicated.

“Right now, the only option is to run your own Ethereum 2.0 node. It’s easier than setting up a mining rig Much more, but for many ordinary users, it is still very difficult.” said Lito Coen, founder of CryptoTesters.

Users must now run their own nodes to get a share in Ethereum, because many Some platforms, such as Stakewise, are not quite ready yet. Only a few platforms, such as LiquidStake, are already up and running.

Therefore, only a few people participated in staking to promote the upgrade of Ethereum. After some initial large deposits, the influx of pledged ETH has slowed down. According to Dune Analytics, only 276 stakers have deposited 57,000 ETH ($26.5 million) at press time.

However, this is far from the intended goal. If Ethereum 2.0 is born smoothly, at least 16,384 pledgers are required to pledge 524,288 ETH.

Stakewise co-founder Kirill Kutakov said, “There are still many technical details that need to be worked out to ensure the safe use of the platform. .client, auditing, adaptation and waiting for ETH 2.0 specification changes, things like that.”

Currently betting on Ethereum The best are those who have the ability (or confidence) to run their own nodes. "These guys are well aware of all the risks and have a lot of capital," Kutakov said.

Ethereum 2.0: a series of problems

On Twitter, Ethereum 2.0 researcher Justin Drake launched a poll. Among the 3,600 voters, 50% said they did not intend to stake on the Ethereum network, and only a few expressed their intention to participate.

On the issue that people are very concerned about: how much money is needed to participate in the pledge. To participate in staking, users need a total of 32 ETH. At the time of this writing, that works out to around $14,600, which is simply too much for most users. "So it's basically for rich people," said another Reddit user.

Another concern is that the funds will be locked for two years. According to a Reddit thread, staking is "those who fully believe in the future of Ethereum and don't need any capital urgently."

Other comments on Drake's twitter poll suggest that the technicalities required for staking are also difficult for many to understand.

Farid Rached said, "I was going to do it, but it was too technically demanding for me." Another "Can you share some tutorials to help us understand how this process works? Do I have to run a node?" asked one Twitter user.

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Finally, there are some skeptics who are skeptical about the future development of Ethereum. The price of Ethereum may be on the rise, however, to some onlookers, this is not indicative of what the future holds. "We don't know if this is the beginning, the end or the middle of the so-called bull market," said Reddit user WolfOfFusion, adding, "It's up to us to guess."

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