Coinbase Ethereum Staking waitlist is live! Coinbase Ethereum Staking will soon come for customers as a sign up to stake their ETH has gone live.
Per a press release, Coinbase Customers can sign up to stake their ETH into the Beacon Chain smart contract. This will be the bridge between the old Ethereum and Ethereum 2.0 – the networks migration to a proof-of-stake network from their current Proof-of-Work.
Typically, to stake, one would need at least 32 ETH to run a validation node for Ethereum’s new blockchain, but coinbase will allow their users to stake any amount of ETH.
Coinbase will take a commission on all rewards received in exchange for the service. The staking commission is 25% of the rewards received, Per Coinbase’s User Agreement.
Coinbase users can also stake Algorand, Cosmos, and Tezos.
Coinbase isn’t the only option for ETH staking for US customers – Kraken is allowing their customers to stake ETH as well. MyEtherWallet supports in-app ETH 2.0 staking as well.
The Beacon Chain is the backbone of Ethereum’s new design. When ETH 2.0’s deposit contract went live in December of 2020, so too did the Beacon Chain. To claim a spot in the new network, users can deposit legacy ETH into this contract to convert it to ETH2.
The beacon chain deposit contract currently has $5.5 billion worth of Ether locked up.
What do you think? Let us know on our Facebook page!