Wednesday, April 24, 2024

CoinDCX launches staking option for ETH 2.0

Ethereum 2.0 is by far one of the biggest tech changes the crypto industry is going to witness. Besides having achieved almost absolute dominance in the cryptocurrency market just after Bitcoin, ETH has huge potential to offer innovative blockchain solutions in the real world, owing to its strong fundamentals.

CoinDCX through its staking solution for Ethereum has brought in No-Stress staking for ETH2.0. Staking directly on the Ethereum blockchain requires a thorough understanding of technical knowledge and other challenges such as minimum requirements for 32 ETH, lack of liquidity of the staked ETH, and attracting heavy penalties due to inactivity.

CoinDCX, India’s largest cryptocurrency exchange, launched its staking option for ETH 2.0, recently. CoinDCX now allows the pooling of user funds to create validators so that the user can participate in the network with funds as low as 0.1 ETH. Users have started staking funds to ETH 2.0 on CoinDCX. The exchange will take care of the overlying hardware and infrastructure maintenance cost. CoinDCX’s smart contract-based solution enables users who don’t have  32 Ethereum (ETH) — the minimum amount required – to participate in ETH 2.0 staking.

CoinDCX has always been at the forefront of embracing new innovations in the crypto industry. We extend our support and eagerly wait to see what lies ahead of Phase 0 launch for Ethereum 2.0. With regards to staking 32 ETH and earning staking rewards on one of the most renowned networks for smart contract development, we have come up with alternative solutions to circumvent logistical challenges related to ETH 2.0 staking and making the entire process hassle-free for all the users of CoinDCX.

After careful observation and working out different possibilities, we have decided to offer a user-friendly way to stake ETH without any high fund commitment or any technical hassles. We have devised a smart contract-driven solution to pool to stake ETH in the deposit contract of ETH 2.0. The contract will allow users to stake ETH as low as 0.1 ETH to 1000 ETH in a single transaction via the staking option available on CoinDCX. Multiple validator management, hardware cost, uptime, and infrastructure-related challenges will be managed by CoinDCX.

ETH 2.0 staking on CoinDCX is one-way staking and we are working on creating different liquidity options and providing the best value to our users.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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