Coinbase opens Ethereum 2.0 Staking Waitlist

Coinbase- America's largest crypto exchange has opened up a waitlist for Ethereum 2.0 staking rewards after initially announcing support last November. The exchange will allow its users to earn up to 7.5% APR (annual percentage return) on their staked ETH. 

In a blog post, Rhea Kaw- the senior retail product manager stated that the eagerly-awaited product is getting closer to launch. Once the waitlist begins, the users will not face any minimum requirements to participate in the staking. This will provide smaller investors with an excellent opportunity to earn rewards. However, the user will need to have at least 32 Ether in their account to run a validator node for Ethereum's new blockchain.

Currently, the users will not be able to move any of the Ether they stake with Coinbase. This is in line with all the other ETH2 staking platforms that do not allow the Ether to move until phase 1.5 of Ethereum 2.0 goes live. However, Coinbase is exploring ways for overcoming this restriction. 

At present, the waitlist isn't open for New York residents. When asked about the service to go live, a Coinbase spokesperson said: "Very soon." With Eth2, Coinbase now supports three coins for its staking rewards service, including Tezos and Cosmos. 

Beacon Chain- Ethereum 2.0's deposit contract has become very successful. As per the data from Etherscan, about 3,101,410 Ether, worth over $5.4 billion this contract owns. It was launched in November, and within three weeks, it received a required threshold of 524,288 ETH. 

Beacon Chain is a connecting bridge between the current Ethereum and Ethereum 2.0. After the launch of ETH2, all the Ether locked in the Beacon Chain will be unlocked and transferrable. It will also shift from proof-of-work to proof-of-stake as a consensus mechanism. PoS is more energy-efficient and scalable. It will be to handle 10,000 transactions per second, up from the' 30' Ethereum currently serves.