Coinbase-Backed CoinDCX Set to Introduce User-Friendly Staking on Eth 2.0
India’s Largest and Safest Cryptocurrency Exchange, CoinDCX, Will Be Among the Few Exchanges In the World to Offer a Comprehensive Solution, to circumvent logistical challenges related to ETH 2.0 Staking
CoinDCX, India’s largest and safest cryptocurrency exchange, is all set to introduce staking on Ethereum 2.0,for the global cryptocurrency community.
CoinDCX has always been at the forefront of adopting and integrating innovative solutions within the crypto ecosystem that will help crypto services. CoinDCX is all set to extend its offering to make ETH 2.0 staking hassle-free on its platform. CoinDCX will allow pooling of user funds to create validators so that the user can participate in the network with funds as low as 0.1 ETH. Once the users stake the funds to ETH 2.0, CoinDCX will take care of the overlying hardware and infrastructure maintenance cost.
In the first phase CoinDCX has taken care of a hassle-free experience to ETH Staking. In the subsequent phase of the product launch, CoinDCX also revealed that they’ll come up with ingenious engineered solutions for solving the other open riddle, liquidity of funds locked. This phase is under rigorous testing and CoinDCX aims to launch this before ETH 2.0 goes live on December 1, 2020.
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To be able to stake on ETH 2.0 effectively, validators will need to contribute 32 ETH to hit the target of 524,288 ETH or about $200 million, for the launch scheduled to take place on December 1, 2020. In an unprecedented move, around over $1 million in ETH was staked within the first half hour of the news coming out. In the first 8 hours around 14,000 ETH valued at nearly $5.5 million, was staked.
Sumit Gupta, CEO and co-founder of CoinDCX said, “CoinDCX has always been at the forefront of adopting and integrating innovative solutions within the crypto ecosystem that will help crypto services. We are contributing to the Ethereum ecosystem on our part so it helps to grow the whole ecosystem. For the users who want to stake Ethereum, we are providing innovative solutions to do so. And for the ethereum ecosystem, supporting the target of 524,288 ETH or about $200 million, for December 1 Eth 2.0 staking.”
Previously this year, CoinDCX launched its maiden staking offering with three major coins- Harmony (ONE), QTum (QTUM), and Tron (TRX). It permitted staking to all the users that held a minimum balance on the listed tokens. The minimum balance varied from one token to another. For Harmony (ONE), it was 100(~ $1); for Qtum (QTUM) it was 1(~$3); and for Tron (TRON) it was 5(~$ 0.1). Additionally, there are other tokens such as EOS, NEO and XTZ (Tezos), that were soon added to the fray.
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Neeraj Khandelwal co-founder of CoinDCX said, “ETH 2.0 is touted to be the next big revolution, with many believing it to be a decentralized version of the Internet aka Web3. It is said to drastically decrease energy consumption and allow more scalability of the ETH network. CoinDCX will be the among a handful of global cryptocurrency exchanges to launch this offering for all our global users to contribute to the development of the Ethereum ecosystem.”
Staking allows users to leverage the growing prominence of Proof-of-Stake public blockchains, which use “staking” as a means of self-governing the blockchain network, validating transactions, and promoting ecosystem-oriented behaviour by cryptocurrency users. The chances of validating and adding a block to the blockchain—and in turn, being rewarded—is directly proportional to the funds a node holds within its wallet. By creating a single pool of stakeable assets, staking will improve the chances of all its users benefitting from the receipt of a staking reward. Users can learn more about staking through the DCX Learn portal.
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