With the much-anticipated launch of Phase 0 of Ethereum (ETH) 2.0 finally here, the industry begins to prepare for the transition to the proof-of-stake (PoS) consensus algorithm for the second largest cryptoasset by market capitalization. Major crypto exchanges, including Kraken, Coinbase and Huobi have already made their moves.
Coinbase announced its full support for ETH 2.0 staking and trading amid the “multi-year upgrade to Ethereum 2.0.” Coinbase users can convert their ETH1 in their exchange account to ETH2, which is when PoS-fueled staking will kick in.
Coinbase explains that while ETH 2.0 tokens stay locked on the Beacon Chain, the exchange will “enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.” Coinbase will roll-out this support to customers in certain jurisdictions first, starting in the new year, and will share more details in the interim.
ETH 2.0 staking on Coinbase hasn’t even begun yet and the exchange is already fielding complaints.
Meanwhile, Huobi said it will support ETH 2.0 proof-of-stake by launching “ETH2.0 one click function.”
“With this function, you can pledge ETH as BETH with one click and participate in ETH 2.0 proof-of-stake mining. Huobi Global will open BETH’s transaction at any opportunity according to the network status,” the exchange said, explaining that Beacon ETH (BETH) is a new asset used solely by stakers (‘validators’) on the Beacon chain.
Kraken announced its intentions to support the migration to ETH 2.0 and staking rewards last week, promising to reveal more details soon.
At pixel time (05:34 UTC), ETH trades at USD 608 and is up by almost 4% in a day, trimming its weekly losses to 1%. The price rallied by 57% in a month and 302% in a year.