Ethereum’s transition to ETH 2.0 officially began earlier in December last year with the launch of its beacon chain. The long-awaited scaling solution takes the blockchain from a POW [Proof-of-Work] to a POS [Proof-of-Stake] consensus algorithm. Within the months since the transition began, users of U.S based leading cryptocurrency exchange Kraken have allocated over half a million Ethereum [ETH] to the platform for staking purposes.
Earlier on Tuesday, Kraken outlined within a public statement that the exchange was, “pleased to announce that the entire amount of ether staked via its platform has now surpassed 500k ETH, as the Ethereum community continues to precise its support for the much-awaited transition to POS.”
Kraken breached 500k staked ETH yesterday, reaching 501,300 by the time the exchange’s news hit the general public today.
Additionally, staking interest for ETH 2.0 grew at the tail end of 2020 leading up to the December beacon chain launch. The launch required a min of 16,384 participants to stake a combined sum of 524,288 ETH or more.
Participants can stake on the Ethereum 2.0 network themselves if they own a min. of 32 ETH and complete certain processes, Kraken’s statement added. Kraken ETH staking, however, is more user-friendly and requires less capital. “Staking on Kraken are often wiped out just three clicks and is available to anyone,” the statement revealed. “Clients can stake from as little as just 0.00001 ETH, that is presently worth a little beneath 2 cents.”
ETH staked independently must be held locked indefinitely until certain ETH 2.0 developments are met. ETH staked on Kraken operates under more flexible parameters, counting on regulatory requirements of certain regions, added the statement.
Coinbase recently opened a waitlist for those curious about staking ETH on its platform, consistent with a 16th Feb. official web-blog post. Binance began offering ETH staking earlier in December last year, as per an official web-blog announcement. Kraken also opened staking on its platform from December 2020.
ETH 2.0 has been within the works for years, despite the variety of setbacks, and still faces an extended road ahead.