Kraken’s Ethereum 2.0 Staking Service Receives 100,000 ETH in Four Days
Kraken is the latest name to tap into the Ethereum 2.0 staking scene, and it appears to be making significant gains. The San Francisco-based exchange confirmed that it had seen over 100,000 ETH in deposits on its new service, just four days after launch. At press time, the funds locked have surpassed $60 million.
Keeping Up with Ethereum Support
Kraken launched its Ethereum 2.0 staking service recently, so token holders could participate in the upgrade and earn rewards. The exchange would offer stakers an APY of between 5 to 17 percent. Rewards will vary based on the network rate.
Kraken claimed that the new development means it now holds 8 percent of the total ETH tokens currently staked on the Ethereum 2.0 blockchain. There are over one million ETH staked in ETH 2.0, lending some accuracy to Kraken’s claims. Speaking on the progress made, Jeremy Welch, Kraken's Vice President of Product, pointed out that the exchange has long been an Ethereum supporter. He said,
“Kraken has long been a supporter of Ethereum. In fact, we were one of the first exchanges to list Ether in August 2015. We have watched as Ethereum has continued to grow in significance. As of December 1, ETH trading volumes typically make up between 15-40% of our Bitcoin daily volumes.”
Kraken has done significant work to help improve the Ethereum blockchain. Two days after its ETH staking launch, the exchange announced that it would donate $150,000 to support open-source Ethereum projects on Gitcoin.
The funding is a part of the eighth Gitcoin Grants round, which has a matching pool that amounts to $1 million. Aside from Kraken, other funding partners included the Ethereum Foundation, Synthetix, and Binance.
Everyone Rushes to ETH 2.0 Staking
Kraken is the latest name to join the fledgling Ethereum 2.0 staking scene. Binance, the industry's top exchange platform, launched its Ethereum 2.0 staking service in December, offering stakers between 5 and 20 percent in annual percentage yield (APY).
Other names that have joined the Ethereum 2.0 staking spree include crypto trading and investment platform Bitcoin Suisse and exchange service Huobi. Coinbase, another famous exchange service, announced at the end of November that it would launch Ethereum 2.0 staking in the early part of 202. The exchange has yet to communicate the program's details, although it is expected to offer APY in the range of Binance if it wants to remain competitive.