Phase 0 launch: How are ETH holders reacting?
Sweet Serenity. On December 1st at 12pm UTC, the Ethereum network is set to enter Phase 0 and launch the much-awaited Beacon Chain, the first step in a mile-long ETH 2.0 journey.
While Ethereum 2.0 aims to improve the network’s scalability, speed and efficiency, none of those things will start tomorrow. Phase 0 will shoulder no decentralized applications or facilitate on-chain transactions, and the Ethereum network will continue to run on PoW until Phase 1.5; a milestone that’s still - even by conservative estimates - a couple years away.
But that’s for the techies. Over on the 'degen' timeline, you’ll find many a market participant with predictably high expectations for the Phase 0 launch:
Furthermore, with ETH already up +8.2% on the day, the overtly bullish outlook on tomorrow’s event is quickly gaining steam.
But does the data agree? Let’s
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