Ethereum 2.0 just found another major supporter in the form of the cryptocurrency exchange, CoinDCX. On the heels of Eth 2.0 going live, calling it “by far one of the biggest tech changes the crypto industry is going to witness,” Neeraj Khandelwal, co-founder, CoinDCX, opined:
“Besides having achieved almost absolute dominance in the cryptocurrency market just after Bitcoin, ETH has huge potential to offer innovative blockchain solutions in the real world, owing to its strong fundamentals.”
ETH 2.0 Staking Now Live on CoinDCX
Further building on this, the platform also announced the launch of its staking option for Ethereum 2.0. This would allow the users of the platform to pool funds to create validators, ensuring the users can participate with funds as low as 0.1 ETH, and a maximum of 1000 ETH in a single transaction. The staking option is announced to be the stress and complication-free alternative when compared to staking directly on the Ethereum blockchain.
“Staking directly on the Ethereum blockchain requires a thorough understanding of technical knowledge and other challenges such as minimum requirements for 32 ETH, lack of liquidity of the staked ETH, and attracting heavy penalties due to inactivity.” Mr. Neeraj Khandelwal continues. “With CoinDCX’s staking option, users don’t have to worry about minimum requirements of 32 Ethereum, they can stake for as low as 0.1 ETH.”
The circumvention of the standard 32 Ethereum requirement is attributed to their smart contract-driven solution, developed after significant research. The overlying hardware, infrastructure and maintenance, multiple validator management, and uptime costs will be born by CoinDCX.
The focus right now seems to be entirely on the convenience of the users, with a clear emphasis on making the process of staking as hassle-free as possible. The Ethereum staking option currently is one-way staking. In the meantime, the platform is working on creating different liquidity options for its users.