Ethereum ETH2

ETH 2.0 staking starts on high note, Deposit Contract rakes up 50K+ ETH in just 1 week of launch

November 13, 2020 Off By Sydney Ifergan

Talk about the biggest news in the crypto tinsel town lately and it’s  none other than the approaching launch of Ethereum 2.0. As per the announcement from the Ethereum team, the 2.0 version is scheduled to be launched on December 1. As a prelude to the launch, Vitaik Buterin and his team has already released the Deposit Contract – the platform where staking amounts for ETH 2.0 would be collected. And, such is the craze  for the upcoming ETH version that the Deposit Contract is already bustling with 10% of the staking amount required in just a week of its launch.

There are two main conditions for the launch of Ethereum 2.0. To start with, there should be a minimum 16,384 validators right on the ETH network. The other one is, each validator would have to stake around 32 Ethereum (currently worth 12,700 USD) that would amount to 209 million USD (524,288 ETH ) in total. Staking for Ethereum 2.0 has already started in full bloom and the Deposit Contract currently holds a whopping sum of 50K+ ETH (22.5 million USD).

“The upcoming launch of Ethereum 2.0 is a much awaited development for the Ethereum community and the crypto community in general. The 2.0 version would shift the network from the conventional PoW to a more modern PoS infrastructure. Another great part about the ETH 2.0 version is that it’s designed to improve the scalability of Ethereum network- one of the major problems plaguing the network for a long time. In that light, it’s only natural that we are witnessing a huge wave of staking activities for the ETH 2.0 upgrade”, stated Sina Estavi, CEO of rising decentralized oracle Bridge Oracle.

Staking for Ethereum 2.0 has started all across the world, including the Asian countries like India. The country has been showing huge growth in the crypto scene ever since the Indian Supreme Court nulled the 2-year ban on banking institutions servicing cryptocurrency exchanges last March. And when it comes to staking for ETH 2.0 from India, one of the leading names that come to the fore is CoinDCX.

One of the biggest crypto exchanges in the country, CoinDCX, has just announced to introduce staking for ETH 2.0 for the worldwide crypto community. As mentioned previously, it needs minimum 32 Ethereum from each validator to stake for Ethereum 2.0. But, there is no such compulsion on CoinDCX users. In fact,  users here can start staking with as little as 0.1 ETH and the maximum they can stake here is up till  1,000 ETH.

Per the statements from the CoinDCX team, 32 Ethereum could be too big an amount for staking, especially for small-time investors. Such a high amount might discourage many investors from taking part in the staking process altogether. The 2.0 version will only be launched once the pre-defined set of Ethereum is collected from staking. If the staking amount is not reached at least 7 days ahead of the stipulated date of the launch, the launch would be postponed by 7 days. 

The ETH 2.0 staking process in CoinDCX will be conducted in two halves-one will start next week only and the other will begin after the upcoming version has been launched.

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