Coinbase, Binance, Okex and Hobby announce token for stacking on Ethereum 2.0


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The recent activation of the Beacon Chain network, as the first step of the new Ethereum 2.0, has encouraged staking alternatives between Exchanges Of cryptocurrency. The exchange houses Coinbase, Binance, Okex and Hobby have announced that users who communicate Ethers (ETH) on their platforms can exchange for the BETH token (Beacon ETH) in a 1: 1 ratio.

These initiatives are aimed at supporting the migration of Ethereum consensus mechanism, which is based on proof of work (POV), to proof of stake (POS). The proposal also wants to improve liquidity around the money that will be committed.

The mechanism works as follows: the user enters the option of each Exchange To block ETH destined for Ethereum 2.0. In return, the operator receives request as a token to the market eater. The token may be traded at the will of the holder on behalf of the blocked token. That is, new pairs are created.

Each Exchange Offers its own Terms and conditions of use on how the money will be handled, Receiving incentives and marketing. Binance, for example, reported on its website that users can earn an estimated annual percentage return between 5% and 20%, depending on the profits from blocking money in the range.

“Binance pays users to build validator (nodes), and assumes the risk of penalty and confiscation on the chain. All profits will be distributed to users”, explains the Exchange.

On the BETH token, Binance noted that it gives two rights to users: the first is the ability to exchange ethers for BETH (1: 1) when Phase 1 of Ethereum 2.0 is live. And the second is to receive rewards proportional to the participation with the token.

D Exchange OKex announced that before December 17 it will launch Staking With a Minimum participation of 0.1 ETH. Among the advantages that the exchange house offers are: the company will cover the operating expenses of the validators, all the profits will be distributed, OKex will accept any penalties and you can also get rewards in USDT.

“The performance will be distributed every day at 3:00 o’clock UTC, based proportionally on the money available by the user the previous day. The annualized rate of return is estimated to be between 6% and 20%, this is only an estimate,” Okex highlighted.

More than 1 million ETH has been committed for the conformation of the validator nodes in Ethereum 2.0. Source:

Others Exchange, Coinbase, recently announced that it will also offer alternatives to traders. These will be available from next year. The company said that its intention is to support Ethereum 2.0 in two ways: Staking And the trading of crypto assets.

Coinbase customers can convert ETH in their Coinbase accounts to ETH2 and earn rewards for it Staking. While ETH2 tokens remain locked in the beacon chain, Coinbase will also allow trading between ETH2, ETH, and all other supported currencies, “the cryptocurrency exchange highlighted.

Huobi and Kraken also target Ethereum 2.0

Along the same lines of supporting the Staking In Ethereum 2.0 and injecting liquidity, the exchange houses of Huobi and Kraken have their proposals. Hobby reported that Incentive calculations began on December 1 and that the minimum stake is 0.1 ETH.

D Exchange You will also bear the risks in case of penalties. Huobi recalled that the ETH directed to the Beacon Chain will be bedridden. The former will be blocked in the smart contract and will not be released and their incentives will be at least two years or according to how the development of Phase 1 progresses.

In the case of Kraken d Staking Started yesterday Friday with incentives estimated at 5% to 17% per year. The rewards in this case will be weekly. In addition, for those users who decide to make money, Kraken will soon provide an exchange pair to exchange the token for ETH until the network allows withdrawing the money from the beacon chain.

The new network marks the beginning of a long journey that Ethereum has begun to change its consensus algorithm. CriptoNoticias has reported that the process will be composed of three phases: Phase 0, Phase 1 and Phase 2. The one that started on December 1 was Phase 0 and is expected to finish next year, if there are any problems.

According to the Ethereum website, more than 1 million ethers have been blocked, which currently represents more than 34,000 validators.

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