India’s one of the prominent cryptocurrency exchanges CoinDCX has said in a blog post that it has launched staking support for ETH the native digital currency of the world’s second-largest blockchain network Ethereum. The crypto exchange has announced Ethereum staking prior to the launch of Ethereum 2.0 which is scheduled to occur at the beginning of the next month. With this move, CoinDCX seems to be strengthening its support for the network’s ETH 2.0 upgrade.
ETH staking option will come in two phases
Per the announcement post, the newly-launched Ethereum staking option is said to be coming at the platform of the exchange in two separate phases. The first phase will allow users to take a part in the staking of Ethereum “as early as the next week”. While on the other hand, the second phase will be rolled out most probably within the duration of the next few weeks.
While talking about liquidity, the Co-founder of CoinDCX Neeraj Khandelwal said in a statement that there is no need for users to feel worried regarding liquidity. He assured that users’ staked funds will remain illiquid for the duration of around one year as the process of Ethereum 2.0 staking is one-way. The company intends to introduce various liquidity options for users as well in the future but they will be rolled out after getting feedback from them, he said. Adding more to it, he said, “this product is for the users, and we welcome inputs from the community.”
Also read:Users can participate in staking with 0.1 ETH
The cryptocurrency exchange is providing sufficient flexibility in the newly-introduced staking. As per the announcement, users will be able to stake their tokens on Ethereum 2.0 with only 0.1 ETH. Thus, the exchange is providing an opportunity for those investors who have a small capital.
Khandelwal said that they are providing their clients with a user-friendly way of staking ETH. The company has also introduced a “smart contract-driven solution”, as he stated:
“We have devised a smart contract-driven solution to pool to stake ETH in the deposit contract of ETH 2.0. The contract will allow users to stake ETH as low as 0.1 ETH to 1000 ETH in a single transaction via the staking option available on CoinDCX.”
Ethereum 2.0 is set to launch on the 1st of December once the threshold of 16,384 validators (524,288 ETH) is completed.
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