Indian Cryptocurrency Exchange CoinDCX to Offer Pooled ETH Staking ahead of Ethereum 2.0 Launch
India’s largest crypto exchange CoinDCX announced the extension of its support for Ethereum 2.0 and its eagerly anticipated launch. The exchange has begun Ethereum (ETH) staking as it prepares for ETH 2.0 launch.
It has become one of the few exchanges globally to provide an elaborate solution to evade the logistical challenges with ETH 2.0 staking.
CoinDCX joins other top exchanges launching ETH 2.0
CoinDCX has always put its foot ahead of others regarding adopting and integrating solutions within the crypto landscape. The exchange has concluded plans to ensure the ETH 2.0 staking is offered on its platform without issues.
CoinDCX allows user funds to pool, ensuring full user participation within the network, starting with funds as low as 0.1 ETH. After the user has staked the funds on ETH 2.0, the exchange will carry the overlying infrastructure maintenance and hardware cost.
Co-founder of CoinDCX, Neeraj Khandelwal, commented on the new staking by stating that many observers and industry stakeholders have touted ETH 2.0 as Web3, the decentralized version of the internet.
The launch of the platform can allow more ETH network scalability as it will drastically reduce energy consumption.
In preparation for the release, Neeraj said CoinDCX aims to become one of the few global crypto exchanges that will launch the offering for global users.
CoinDCX ETH2 staking is coming immediately after the Ethereum Foundation stated that it had released the deposit contract for ETH 2.0 on November 4. It allows prospective stakers to deposit 32 ETH to the contract in readiness for the launch.
Launch of ETH2 staking in two phases
CoinDCX said the project is split into two phases. The first phase is to make sure ETH staking is hassle-free, which has been achieved. In the second phase of the product launch, CoinDCX said it is bringing a unique engineered solution to provide more liquidity to funds locked. The phase is currently undergoing testing, and the exchange says it hoped to complete the testing phase before ETH 2.0 goes live next month.
Validators who want to stake ETH 2.0 effectively would need to provide 32 ETH to reach the 524,188 targets or its dollar equivalent of $200 million.
Interestingly, about $1 million worth of ETH was staked less than an hour after the announcement. A few days later, the staking funds have grown to $26.9 million (57,600 ETH).
The Chief executive officer and co-founder of CoinCDX, Sumit Gupta, revealed that the development should not surprise anyone since the exchange is known for championing innovations within the cryptocurrency community.
“We are contributing to the Ethereum ecosystem, so it helps to grow the whole ecosystem,” he reiterated. He further stated that the exchange is providing full support for users who are looking to stake Ethereum.
Earlier this year, CoinDCX rolled out it's first offering with three major coins Tron (TRX), QTurn (QTUM), and Harmony (ONE).
The exchange allowed staking to all users holding minimum balances on the above tokens. Also, the exchange later started offering additional tokens on its platform, including XTZ, NEO, and EOS)