Eth2 is A separate Chain
While everyone waits for a quick roll out onto Eth2, it is important to note that Eth2 is a separate chain by itself. Eth1 will continue to run, with its millions of dapps (and smart contracts) off a separate chain even after Eth2 is fully functional in the next few years. As of now the testnet is labeled Madella. The whole idea here is to have Eth1 and Eth2 run parallelly and application writers migrate their dapps over to Eth2. However, new dapp writers can start working with Eth2 as and when the entire main-net is live. As of now, i.e., phase 0 the development team is treading cautiously into migrating and getting the test infrastructure live, to check for any kinds of vulnerabilities or issues with this network.
Users who want to move from Eth1 to Eth2
Users who hold atleast 32 ETH’s can migrate ONE-WAY onto the ETH2 experimental beacon chain with validators, which will become live when a certain number of validators get on live.
It is important to note that this is a one way migration i.e., those who chose to convert ETH1 to ETH2 will not be able to come back to ETH1. Additionally ETH2 is not yet offered for sale on exchanges. Over the next few weeks (possibly by Dec 1st) as the 16384 validators become live (or funded with approximately 16384 * 32 = 524288 ETH (or approximately in today’s valuation 250 Million USD), then the beacon chain becomes live,. with different shards (or subgroups of nodes) handling processing of transactions for smart contracts. Once rolled out the beacon chain and ETH2 will significantly increase the speed of processing and will enable a whole set of applications in the real world decentralized finance world and otherwise to operate seamlessly.
As of this week the seeding of ETH2 has started and as of the time of this writing approximately 9300 validators are live.
Here’s a list : https://beaconscan.com/validators
Additionally, if anyone wants to become a validator on the beacon testnet there are clear instructions on how to do it here: https://www.coincashew.com/coins/overview-eth/guide-how-to-stake-on-eth2-with-lighthouse