CoinDCX is one of the largest cryptocurrency exchanges in India. Before the launch of Ethereum 2.0, the exchange is preparing to launch its platform that supports ETH 2.0 pledge.
As Ethereum 2.0 Phase 1 is expected to start on December 1, the executives of the CoinDCX exchange announced on November 10 that the exchange is now “ready” and ready to introduce ETH 2.0 staking to the global crypto community.
According to the announcement, CoinDCX’s smart contract-based solution will allow users to use less than 32 ETH for Ethereum pledge, and the minimum amount required to participate in ETH 2.0 pledge is 32 ETH. A CoinDCX spokesperson told Cointelegraph that the contract will allow users to pledge a minimum of 0.1 ETH to a maximum of 1,000 in a single transaction.
The spokesperson emphasized that CoinDCX’s solution allows users to pledge any amount of ETH in a single transaction. He said:
“ETH 2.0 requires users to hold 32 ETH to create verification nodes and participate in staking. This will prevent short-term investors from participating in staking. In addition, if users want to run multiple verification nodes, staking more than 32 ETH is the most effective, which increases Complexity.”
CoinDCX’s new staking solution will be implemented in two phases. A CoinDCX spokesperson said that in the first phase, CoinDCX users will begin to pledge their ETH to the platform as early as “next week.” The spokesperson added that the second phase is expected to make the pledged funds immobile for at least one year, and it is planned to start a few weeks after the ETH 2.0 pledge goes online.
Soon after the Ethereum Foundation deployed the ETH 2.0 deposit contract on November 4, CoinDCX announced its support for ETH 2.0 pledge. The release of the ETH 2.0 deposit contract opened the way for Ethereum to ETH 2.0, enabling potential pledge users to deposit 32 ETH in the contract, preparing for the launch of ETH 2.0 pledge.
CoinDCX’s support for ETH 2.0 pledge will obviously bring huge exposure. For the start of Ethereum 2.0 Phase 0, it is necessary to raise 524,288 ETH. As one of the largest crypto exchanges in India, CoinDCX focuses on one of the fastest growing crypto markets in the world. As previously reported, since the Supreme Court of India lifted a two-year ban in March 2020 prohibiting banks from providing services to cryptocurrency exchanges, India’s crypto industry has seen tremendous growth.
So far, CoinDCX has provided some staking services on its platform. In August 2020, CoinDCX began to launch its encrypted pledge service, introducing pledges for altcoins such as Harmony (ONE) and QTum (QTUM).
