Over $ 33 billion of ETH is stuck in one of the largest Ethereum contracts as the largest beacon chain staking contract awaits mainnet consolidation. So read more about our newest Ethereum on the news today.

The largest single Ethereum contract with 8,641,954 ETH worth over $ 33 billion in ETH is currently inactive as it has nowhere to be spent or sent.

Twitter users sketched the beacon chain contract as it claims to be the largest Ethereum contract trapping billions of dollars worth of ETH. This is the Chain Staking Contract Beacon ETH 2. It was first launched in November a year ago and cannot be used without a hard fork. What makes it even more interesting is the fact that the terms of the ahrd fork are still undecided and people who are paying their ETH into the contract already know this. The conditions of the difficulty fork can be set after the beacon chain has merged with the ETH mainnet.

DISCLOSURE: 8,641,954 ETH ($ 32 billion) is stuck in one of the largest Ethereum contracts and cannot be sent or spent. Requires a difficult fork that was not written or specified. The timing and conditions of the difficult fork are still unknown. https://t.co/xcXPwbS93v

– Tomer Strolight | Don’t worry about your transaction. (@TomerStrolight) December 14, 2021

Beacon Chain is an important first step in moving ETH from a proof-of-work mining consensus to a proof-of-stake.The Largest Chain signals high demand and confidence for the upcoming ETH2.

At the beginning of December, Ethereum developers called on community members in advance to test the merger to PoS-based ETH2, and the test phase was divided into three phases for non-users: technical, experienced blockchain developers and high-tech and competent blockchain -Developer. The merger of Beacon Chain into ETH mainnet will complete the transition to PoS ETH2, and the official page on Ethereum.org suggests that the merger could be completed in the first or second quarter of 2022.

As recently reported, Ethereum has extended its decline below the $ 3850 and $ 3800 support levels, with the price currently trading below $ 4000 and the 100-hour simple moving average. A major downtrend line is forming near the USD 3800 resistance level on the pair’s hourly chart. The pair can start a new rally if it breaks the USD 3850 resistance area and the 100-hour SMA. Ethereum struggled to gain pace above the $ 4000 and $ 4050 levels as the coin began another decline and traded below the $ 3850 support area.