Indian cryptocurrency exchange CoinDCX is gearing up to support ETH 2.0 on its platform in anticipation of the upcoming Ethereum 2.0 launch. The platform’s smart-contract based solution will now enable users to stake ETH with less than 32 Ether (the minimum amount needed to stake ETH 2.0.). The exchange’s announcement of supporting ETH2 staking comes shortly after Ethereum officially announced the deployment of the first deposit contract for ETH 2.0 on Nov. 4, 2020.
CoinDCX Offers Staking for ETH
CoinDCX exchange has introduced its staking service for ETH a month prior to the first phase of Ethereum 2.0’s official launch on Dec. 1. Users will now be able to stake ETH with as low as 0.1 ETH to up to 1,000 ETH in a single transaction, as told by a representative to Cointelegraph publication:
“ETH 2.0 requires users to hold 32 ETH in order to create validators and participate in staking. This would prevent small-time investors from participating in staking. Also, if a user wants to invest more than 32 ETH it is most effective to run multiple validator nodes, adding on to the complexity.”
The representative further added that the staking option will have two phases. In the first phase, users will be able to start staking from the next week itself. While the second phase will be operational a few weeks after the ETH 2.0 staking is launched. Apparently, the second phase will make the staked funds illiquid at least for a year.
CoinDCX Introduced Staking Service Earlier
The official launch of the Ethereum deposit contract has enabled prospective stakers of ETH to deposit 32 Ether to the contract for boosting up the final launch.
CoinDCX’s move to support ETH 2.0 staking can definitely speed up the process of the final requirement of 524,288 ETH for launching the first phase of Ethereum 2.0.
This is not the first time CoinDCX introduced staking services on its platform. The platform initiated it three months earlier by enabling staking for altcoins such as Harmony (ONE) and QTum (QTUM).