Egggg yolk, what’s cracking with the daily
viewers, who I have coined the Chico Army but if you're new, no stripes you're just
a viewer of the tube. My name is Tyler, the host of the crypto channel, whose content
is a treat, but remember, watch out for the trick. Well that scared the puss out of the
boots, it’s time for Chico Crypto! Ethereum 2.0 is coming…yesterday, right
on schedule, right on time with no Delays….Ethereum transitioned to the next stage, Spadina, the
final testnet dress rehearsal before the launch of the 2.0 beacon chain, and phase 0 of the
ethereum 2.0 mainnet. So spadina is just the staging testnet, which
is projected to last for only 3 days. It’s rapid fire, and it’s made to test out the
riskay parameters of a genesis launch, and deposits from outside stakers with that genesis
launch. So is the beacon chain going live for deposits
on October 2nd? 1 day is already down with Spadina, today is the second, and October
1st will be the 3rd.
Well Danny Ryan, who dropped a blog post about
the Spadina launch said this “3 day end of life” and “If you’re interested in
testing out your deposit and genesis chops one last time before mainnet launch, then
Spadina is for you” So is the beacon chain going live on October
2nd if everything goes to plan? Well Danny didn’t answer that, but it sounded like
it. Although at the bottom of the blog he says this “ Phase 0 mainnet is coming soon
(no “™️” necessary), and everyone involved is making their final preparations
for launch”. Hmmm well mainstream covered this topic, and
they were just as unclear. Coindesk posted this article “Ethereum 2.0 Developers Launch
Spadina, a Three-Day Practice Testnet” and spoke to Danny, he told them this “The main
objective is to give us all another chance to go through one of the more difficult and
risky parts of the process – deposits and genesis – before we reach mainnet.
goes well, it should give us greater peace of mind before we jump into the real deal
later this year” Ok, later this year, again not clear. Does
anybody know if this is the case?? Well I did some digging, and a great place to get
the clearest and most up-to-date information regarding this, is from the ETHstaker subreddit.
Now a moderator of that sub is user superphiz,
and he is highly involved with this launch, he is the one who posted the spadina viewing
party on the subreddit, and as we can see from the actual Spadina launch party, he was
there….so, how did it go down? Was it a success? Well let’s watch what user Superphiz and
Danny Ryan had to say. So Danny said, 90 percent of what
they wanted to see, they saw but their were some issues, and they needed to circle back…which
means it wasn’t a 100 percent success, and Superphiz, said progress is still being made,
but no date of when phase 0 will come, we are just close.
Does that mean 2 days away close? Well superphiz, 12 days ago, on Ethstaker put out a Spadina
post, explaining it & answering questions for potential validators. Someone asked him
this question: I've been wondering, is this just the planned first of many? Or is the
plan to keep rolling these out every X days so everyone can get more and more comfortable
and fine tune things? Superphiz replied “My current understanding is that this is THE
live dress rehearsal before mainnet.
I am not aware of plans for other dress rehearsals” So, it sounds like it to me, this is the final
one…so october 2nd. Will user’s be able to start staking? Well someone asked that
question, in the ethstaker subreddit and superphiz replied,
And said “No, this is not true. The final launch rehearsal is September 29, and the
mainnet launch hasn't been announced yet” So, I’m just as confused as you guys, last
testnet, supposed to only go for 3 days, yet mainnet won’t launch after those 3 days?
Are we gonna have another dress rehearsal? Well people are calling for that in the ETHstaker
This was posted “Another (semi) public testnet with no finality in the first
hour. They say “I truly wish the people at ethereum.org reconsider launching phase
0 on mainnet until a few tests actually go well” So, what happened with Spadina? Is there going
to be a massive delay? Well actually the testnet was sabotaged to a degree, Ethereum Foundation
dev, working on 2.0 protolamda said this on twitter “That Feel When some random goerli
accounts dropped in a ton of Spadina deposits, and run 0 validators. Launch went well, but
low participation because of this. We might need some incentives, or scarce goerli eth. So, the reason, this isn’t working, is proof
of stake, needs something at stake, or it’s too easy to attack it, which is happening
with their testnets.
Attackers, have been sucking dry the goerlitestnet ETH, needed
to stake, and basically spam attacking the network with a deposit, yet no participation.
Spadina, needed 66 percent participation, out of the deposits for finality..yet, because
of the attacks was unreachable in the initial hours. Now, with mainnet & “value” 32 ETH to
be exact, worth 11400 dollars, this kind of attack cannot be pulled off, as you need money
to do it. So many people are saying, if everything looks good from a technical standpoint, and
the spam attacks are just the issue, it should just go live, as nothing should fail and finality
would be reached quickly with no spam. So no definitive timeline on mainnet phase
0 yet, but I’m sure in the next day or so, we will be getting word on the next move.
Although, this creates an opportunity for a crypto which relies on the launch, who has
been on my radar since October of last year. That is Rocketpool…the decentralized network
So 32 ETH is the minimum deposit stake, if
you want to become a validator & earn staking rewards. If you have less than 32 ETH, you're
out of luck for the time being. Rocketpool allows users to pool together their
ETH, a minimum deposit of .01 ETH for staking with rocketpool nodes. Much friendlier than
the 32. And those staking nodes in the network, share the rewards with users, thus those who
don’t have that many ETH, can still earn staking rewards, and it makes the network
that more secure. Rocketpool is going to be a service for staking,
not only for users with less than 32 ETH, but for those with 32 ETH and beyond. Nodes,
who pool and get people to stake with them, will earn extra rewards, then their just normal
staked validator node..it’s a win-win for users and node runners.
Now Rocketpool & their involvement, can give
us an idea of when the mainnet, phase 0 will go live. They put out on September 21st, this
medium post “Rocket Pool 2.5 — Rolling Beta” and they say “We’re proud to announce
that the Rocket Pool 2.5 Medalla Rolling Beta will be starting in a few weeks, on the 6th
of October” So I would have to say, since rocketpool is
only going into beta 2.5 on the medalla testnet, the month of October just might not see phase
0 go live & then IDK how much inside information Decrypt has, but they said this in an article
regarding the medall testnet, just 2 days ago…”Eth2 is expected to launch in November
2020” Bummer in the summer, but like I said this
presents an opportunity with Rocketpool during this month, for accumulation & preparation.
And accumulation through preparation, as if you join the beta, for rocketpool on Medalla,
starting october 6th, as seen from their blog post “All participants will share a reward
pool of 10,000 RPL for contributing to the Medella beta” So why do I have my eye on RPL, besides what
they say it can do? Because of what outsiders highly involved with ETH2 are saying it can
Superphiz, answered this question “How long will the locking period be in eth staking
when it starts” just 6 days ago. He said ‘Phase 0 is is the first phase of staking
and withdrawals aren't possible. Withdrawals will be enabled when phase 1.5 goes live,
expected within two years of phase 0 launch. If there's any chance you'll need to withdraw
your eth early the best recommendation is to wait until phase 1.5 is already live or
as a slightly riskier approach, consider a service like Rocket Pool” So, you guys, literally if you want to have
access to your ETH, for withdrawals, the only way initially will be with rocketpool, phiz
says up to 2 years a lock. That right there is a bullish, let me tell you bullish use
case for the protocol…with the way DeFi is moving, people will want access to their
ETH at any time.
And then, just 8 days ago, the medall beta was posted in the ETH staker
subreddit, and superphiz is the number 1 commenter. It says “I want to be clear that /r/ethstaker
doesn't endorse third party staking platforms and we believe that solo staking is the best
way to stake… HOWEVER, as far as my personal opinion goes, I think Rocket Pool is a really
exciting platform and the only pooled staking platform I would consider using at this time.
As a matter of fact, I do plan to host a few nodes on RPL just to learn more about it.
That is some solid freaking endorsement & you
better believe, I’m going to be joining the beta.
You can almost think of it like this, staking and securing Ethereum, is going to become
an industry. A very large one out the gate…estimates put 30 million Ether staked, That’s 10.62
billion dollars…that’s 26 percent of the current circulating supply of ETH. So stakefish,
has an estimator for Ethereum staking rewards, let’s put in that 26 percent, as we can
see estimated rewards would be 2.94 percent. 2.94 percent of 10.62 billion is over 312
million dollars. Staking Ethereum will be worth 312 million
dollars, most likely more by the time it goes live & Rocketpool, only has a 33 million dollar
market cap? The Uniswap of Ethereum staking? I see opportunity.
Cheers I’ll see you next