CoinDCX, an Indian crypto exchange, announced today that the company is extending its support for Ethereum 2.0, and eagerly waiting for the launch. The exchange launched Ethereum (ETH) staking ahead of the launch of ETH 2.0.
Neeraj Khandelwal, Co-founder at CoinDCX, announced on the official company blog that the exchange is ready to introduce ETH 2.0 staking for the global community through CoinDCX’s smart contract-based solution.
According to the official announcement, CoinDCX will enable users to participate in ETH 2.0 staking with less than 32 ETH (a minimum threshold required to participate). The exchange will now allow users to stake ETH with a minimum amount of 0.1 ETH up to 1,000 ETH in one transaction.
“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 will be managed by CoinDCX,” Khandelwal said.
Staking Options and Liquidity
The announcement added that the newly introduced staking option will be available at the platform in two phases. In the first phase, users will be able to participate in staking as early as next week. The second phase is expected to go live within the next few weeks. “Users on CoinDCX do not even have to worry about liquidity. ETH 2.0 staking is one-way staking, making the staked funds illiquid for at least a year. We are planning to offer different liquidity options which will be confirmed based on suggestions from the users. This product is for the users, and we welcome inputs from the community,” Khandelwal added.