$47 Million Worth Of ETH Was Already Sent To 2.0 Testnet Validators

$47 million worth of ETH or 150K tokens were sent to an ETH 2.0 testnet validator address while presenting the launchpad to help validators grasp all of the aspects about the upgraded version as we are reading more in the upcoming Ethereum news.

The ETH2 launchpad is live now according to the Ethereum foundation and anyone that wants to participate can now learn how the network will work. $47 worth of ETH coins were sent to the upgraded testent validator address and now they can deposit into Medalla as well. Those who want to become validators in the upgraded version on Ethereum will fully adopt the proof of stake concept and can now get familiar with all aspects of the transition process. For this to happen, Ethereum introduced a validator launchpad whose main goal is to help validators learn the details about ETH 2.0, as the team explained in a blog post:

 “Above all, we want to make sure validators know what they’re doing, and why they’re doing it.”

Announcing the #eth2 validator launchpad (testnet version).https://t.co/G0y4itoJzA

— Ethereum (@ethereum) July 27, 2020

Those who want to become validators can start depositing into Medalla and monitor the stake. Medalla will start on August 4 and this is the final ETH 2.0 testnet version deployed by the Ethereum Foundation. The EF said that the research team has been working hard along with Deep Work Studio and Consensys. The research team reminded potential validators that they should be informed about the new upgrade before signing up as validates can receive continuous payouts for staking and contributing to the security of the network. however, there are a few risks here that are worth mentioning.

For example, validators that are not acting in line with the rules can be penalized and the same will happen with those who are offline and don’t participate in the consensus. There is also a huge responsibility as well. Validators will have to manage their keys than just simply joining a staking pool because the keys are derived from a unique mnemonic and without them, they won’t be able to withdraw funds.  When it comes to the rewards, the EF said:

 “If the total amount of ETH staked is low, the annual reward is high, but as the total stake rises, the reward received by each validator starts to fall.”

The 2.0 testnet deposit contract is already bombarded with transactions right ahead of the Medalla launch. 5000 deposits have been made since and more than 150,000 ETH has already been deposited.