Coinbase outlines plan for Eth2 ahead of Tuesday’s launch, including staking support
Crypto exchange Coinbase is preparing for the much-anticipated launch of Eth2, also known as Ethereum 2.0, by outlining how it plans to support staking and trading of what will eventually be two distinct tokens.
Coinbase will offer conversion services — from “ETH1” to “ETH2” — as well as rewards for those who opt to stake their tokens. Eth2 is a proof-of-stake based blockchain network, compared to the existing Ethereum network, which is a proof-of-work network.
The firm went on to explain in its blog post: “While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.”
Coinbase did not disclose a date at which it will offer these services, stating in the blog post that it would go live “in eligible jurisdictions starting in early 2021.”
“We’re excited for this major milestone for ETH2, and the potential that a final rollout of ETH2 holds for the entire cryptocurrency community,” the blog post concluded.
As reported earlier today, more than $500 million in ETH has been deposited thus far in the Eth2 staking contract. That amount more than exceeds the minimum amount needed for the beacon chain — the inaugural element of Eth2 to go live this week — to achieve genesis on December 1.
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Author: Michael McSweeney