CoinDCX, one of the largest cryptocurrency exchanges in India, is preparing its platform to support ETH 2.0 staking in anticipation of the launch of Ethereum 2.0.
As the first phase of Ethereum 2.0 is expected to arrive on December 1, CoinDCX is now “ready” to introduce ETH 2.0 staking for the global crypto community, the exchange executives announced on November 10.
According to the announcement, CoinDCX’s smart contract-based solution will allow users to stake ETH with less than 32 Ether (ETH), a minimum amount required to participate in ETH 2.0 staking. A CoinDCX spokesperson told Cointelegraph that the contract will allow users to bet ETH as low as 0.1 ETH up to 1,000 ETH in a single transaction.
The rep pointed out that CoinDCX’s solution allows users to group any amount into a single transaction, stating:
“ETH 2.0 requires users to own 32 ETH to create validators and participate in staking. This would prevent small investors from participating in staking. Also, if a user wants to invest more than 32 ETH, it is more effective to run multiple validation nodes, increasing the complexity. “
The new staking option will arrive on CoinDCX in two phases. As part of the first phase, CoinDCX users will be able to start staking their ETH on the platform as early as “next week,” a CoinDCX representative said. Phase two – which is expected to make staked funds illiquid for at least a year – is expected to be released a few weeks after ETH 2.0 staking goes live, the spokesperson added.
CoinDCX’s announcement of ETH2 staking support comes shortly after the Ethereum Foundation finally implemented the deposit agreement for ETH 2.0 on November 4th. The launch of the contract paved the way for Ethereum to ETH 2.0 by allowing potential stakers to deposit 32 Ether for the contract to prepare for launch.
The exchange’s move to support ETH 2.0 staking should apparently bring significant exposure needed to raise a total of 524,288 ETH for the launch of Ethereum 2.0 Phase 0. As one of the largest cryptocurrency exchanges in India, CoinDCX focuses on one of the world’s fastest growing crypto markets. As previously reported, India has seen tremendous growth in the cryptocurrency industry since its Supreme Court lifted a two-year ban on banks serving cryptocurrency exchanges in March 2020.
CoinDCX has already offered some staking services on its platform so far. In August 2020, CoinDCX launched its crypto staking service, introducing staking for altcoins such as Harmony (ONE) and QTum (QTUM).