Coinbase Will Support Eth2 Beacon Chain Staking
Starting in early 2021, Coinbase will support ETH staking and distribution of client rewards once Eth2 Phase 0 is active as per a statement on Dec 1.
Service Available in Eligible Jurisdiction
The service will only be accessible to clients in eligible jurisdictions including the United States and any of the over 100 supported countries.
More details will be communicated in due course.
The exchange is making it clear that it is supporting the transition. Holders won’t be illiquid since they will “enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.”
Stakers willing to lock their 32 ETHs in the Proof-of-Stake (PoS) Beacon Chain mainnet via the official deposit contract are free to do.
Even so, Coinbase will assist in the distribution of rewards for clients whose balance is lower than the 32 ETH threshold.
Eth2 is Now live, over 880k ETH Deposited
With the Beacon Chain mainnet now active, there are over 27k official validators. At the time of writing, there were 880,672 ETH deposits and 27,512 validators. Validators continue to lock their coins in the Beacon Chain mainnet.
A week ago, 524,288 ETHs were needed to pave the way for today’s mainnet. Its failure would have seen the launch postponed for another week. However, it was the sharp spike in depositing activity three days before Nov 24 that saw the threshold met several hours before the deadline.
Notably, the deviation and acceleration highlighted the determination from the community of the need to shift to a new consensus algorithm. Unlike previous upgrades mired by delays, the migration to Eth2 is critical for the network.
Serenity Will Scale Ethereum and Fix the Problem of High Transaction Fees
Eth2 will be executed through several phases spanning years culminating in Serenity. The final phase will be scalable by several magnitudes sufficiently addressing the high Gas fees impeding adoption.
According to BitInfoCharts, an ordinary network user on Nov 30 paid an average of $3 to post any transaction. It was tripled the average on Nov 29 ($1) and may rise depending on the platform’s activity.
As BTCManager reported, Eth2 is now more decentralized considering the level of node distribution than Bitcoin.