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- Indian exchange, CoinDCX, is preparing to enable Ethereum 2.0 staking for small investors.
- So far, 52,961 ETH has been staked on the Ethereum network since the deposit contract launch.
On November 4, Ethereum core developers announced the deployment of the long-awaited Ethereum 2.0 (Serenity) deposit contract, which is expected to lead up to the launching of the first phase on December 1. On this milestone, one of Indian largest digital currency exchange, CoinDCX, disclosed plans to support the transition whilst bringing the staking opportunity to the Indian market.
CoinDCX to enable Eth2 staking
In a publication on Tuesday, the Indian exchange announced plans to support Ethereum 2.0 staking facilities on its platform ahead of the Serenity launch. As Neeraj Khandelwal, the founder of CoinDCX, explained, the exchange aims at bringing down the Ethereum staking opportunity for small-size investors, including investors who are not willing to stake as much as 32 ETH on the network.
Notably, a minimum of 32 ETH is required for Ethereum users to participate in the staking or to create validators. This could prevent willing investors holding less than 32 ETH from participating in the staking. Hence, CoinDCX is looking to support more staking via a smart contract-driven solution, to lower the barrier for small-size investors in the Indian market, and probably beyond.
The reported contract will enable crypto investors with at least 0.1 ETH to 1000 ETH to pool their stake in Ethereum 2.0 in a single transaction. In addition to that, the crypto exchange plans to handle the hardware cost, validator management, etc.
Over 50,000 ETH staked
According to the Eth2 Launch Pad, 52,961 ETH has been staked on the network since the deposit contract was deployed. Following the price of the cryptocurrency price at $458, the staked cryptocurrencies are worth about $24 million. However, there are 471,327 ETH left to beat the threshold before the mainnet is launched.
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Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
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