Ethereum 2.0 Codefi staking project gets six new crypto members

Ethereum Codefi staking project gets six new crypto members

Codefi staking project based on Ethereum 2.0 has welcomed six new members to its fold. The new names to join the Codefi club feature crypto industry’s big players, including Binance, Huobi Wallet, Crypto.com, Trustology, Matrixport, and DARMA Capital.

The pilot program is one of the latest to work on the Ethereum 2.0 staking realm. The aim of the project is to make staking accessible to everyone. Also, Codefi wants the participants to be part of the staking networks through dedicated and reliable institutions.

Codefi staking project aims to fully leverage Ethereum 2.0 capabilities

Codefi staking project focuses on the commercial aspects related to the decentralized finance arena. Leveraging the next-gen Ethereum 2.0 platform, Codefi is a well-known staking project by ConsenSys.

The latest entrants not only represent the growing popularity of the incubator but also shows that industry giants are coming to the project’s fold. The upcoming protocol is the biggest in the Ethereum blockchain’s history, bringing a host of changes. Ethereum 2.0 will introduce a consensus mechanism based on proof-of-stake instead of the conventional proof-of-work setup.

Furthermore, the slated update is set to bring a new validator network that promises stricter compliance. It ensures rules are followed by implementing a 32 ETH security deposit. Ethereum 2.0 will be live after reaching 16.384 validators. Such a minimum threshold makes sure that the network attains a high-security level before launch.

Codefi wants to bring staking to the masses

The involvement of new staking partners in the Codefi staking project raises its credibility quotient. With the rise in active staking, the risks are also rising. Codefi aims to reduce such risks by allowing the stable participants, such as custodians, funds, and wallets, to provide a cover to potential staking participants.

Binance staking allows users to participate in staking rewards programs sans any node setup or any minimum amount. Binance looks to further increase its staking activities by leveraging on the upcoming Ethereum 2.0 protocol. All the new six participants will get early access to the Codefi staking platform. The members can also deliver suitable feedback to help the project move faster towards launch.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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