The largest Ethereum contract, containing 8,641,954 Ether and a value of $33.5 billion, is currently inactive because it can’t be spent or sent.
A Twitter user pointed out the Beacon chain contract, claiming that it was the largest Ethereum contract and had billions of dollars of Ethereum “trapped” within it.
BREAKING: 8.641,954 Ethereum ($32 billion) is locked in the largest Ethereum contract. It cannot be sent or spent. Hard fork is required. This has not been specified or written yet. Timing and terms of hard fork still unknown.https://t.co/xcXPwbS93v
Not interested in your trades. (@TomerStrolight December 14, 2021
This contract is an Ethereum 2.0 Beacon Chain Staking contract, which was launched in November 2020. It cannot be spent without a hardfork.
Beacon chain staking contract. Source: Etherscan
This is even more remarkable because the terms of the hardfork have yet to be determined and people who sent their ETH into this contract were aware of that fact. Once the Beacon chain merges into the Ethereum mainnet, the terms of the hardfork may be determined.
The Beacon chain represents the first step in Ethereum’s transition from a proof of work mining consensus to a Proof-of-stake (PoS), which is the key milestone. To become an Eth 2.0 validator, traders must stake at least 32 Ethereum. The $33.5 billion worth ETH found in the largest Beacon Chain contract demonstrates the trust and high demand for Eth 2.0.
The Ethereum developers contacted the community to test the merger to PoS-based ETH 2.0 at the beginning of December. The testing phase is divided into three phases: for developers with little experience in blockchain and those who are highly skilled and experienced.
The transition to PoS Eth 2.0 would be completed by the merger of the Beacon network into the Ethereum mainnet. According to the official Ethereum.org page on Eth 2, the merger could be completed by Q1 or Q2 2022.