Kraken: Ethereum Maturing Both As An Asset & Platform For Apps; Donates $150k & Supports ETH Staking

After Coinbase, cryptocurrency exchange Kraken has announced support for ETH staking that is to be launched on Dec. 4.

Earlier this week, ETH 2.0 Phase 0 went live that enabled staking on the Ethereum network as the first step towards improving the “speed, scalability, security and efficiency of the network.”

As such, exchanges and other service providers are offering the options to stake. Kraken is offering a reward of 5% to 17%.

Because staked ETH will be locked for an unknown period of time, Kraken will soon allow exchanging staked ETH for unstaked ETH. However, the market for ETH2.S/ETH trading pair won't be available to the US and Canadian residents.

Price Action

The digital currency itself is struggling with direction, just like Bitcoin, trading under $600.

The good is the absence of any major network issues following the launch of the 2.0 Beacon Chain, which Denis Vinokourov of Bequant says “supports bullish price outlook” for ETH. $620 is proving to be a key level “with charts exhibiting cup & handle formation.”

Interestingly, ETH option open interest on derivatives platform Deribit has reached an all-time high of $826 million. The trading platform noted,

“The Christmas day expiry leads with over 669k ETH OI. ETH Put/Call Ratio for this strike: 1.19. ETH Maximum Pain for the 25th of December expiry is at $400.”

Building the Infrastructure

In other news, Kraken is also donating $150,000 to open-source Ethereum projects. This centralized exchange’s first-ever donation to an Ethereum project recognizes “the project’s maturity both as an asset and as a platform for applications,” said Kraken. Kevin Owocki, CEO of Gitcoin, an Ethereum-based platform for fundraising with which Kraken has collaborated for the grant said,

“Ethereum and DeFi are built on open-source software. With their generous contribution, Kraken is excited to give back to the volunteer developers building the infrastructure of the crypto economy.”

In the world of DeFi, Aave is rallying after it announced the eagerly awaited launch of their V2 protocol, achieving a price/sales multiple of about 85x, much higher than Compound and Maker’s 19x despite both the projects command higher total value locked.

Elsewhere in the DeFi space, Sushiswap’s TVL continues to rise and currently stands at $911mln, while its closest competitor Uniswap’s, remains flat, at $1.7bln.

Ethereum (ETH) Live Price

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