ETH 2.0’s beacon chain genesis has been confirmed for Dec. 1, following the switch of 524,288 Ether from 16,384 validators into the ETH 2.0 deposit contract because it went reside on Nov. 4.

Regardless of early considerations stemming from low staking participation, transfers to the deposit contract quickly elevated over the previous day — with greater than 200,000 ETH being despatched to the contract prior to now 14 hours.

Ether despatched to deposit contract over time: Dune Analytics

ETH 2.0’s beacon chain genesis is now set to happen on the earliest attainable launch date of Dec. 1, with genesis going down seven days after the required deposit contract’s threshold was met.

Whereas genesis individuals will be unable to withdraw their cash till ETH 2.0 reaches Part 1.5 — which is able to merge the Ethereum mainnet with ETH 2.0’s beacon chain and sharded surroundings — many hodlers are ready for third-parties to launch withdrawal-enabled staking providers, regardless of the potential threat of exit scams.

The deposit contract’s threshold was met with roughly 9 hours to go till its deadline.