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Binance Supports ETH 2.0

Ethereum takes its first step towards PoS today. The excitement was clear across Twitter as people are celebrating the beginning of ETH. To add more, Binance launched ETH 2.0 Staking service recently.

The announcement said:

“Users that participate in ETH 2.0 staking will receive BETH* at a ratio of 1 ETH = 1 BETH. Besides, ETH 2.0 staking rewards will be distributed daily in the form of BETH.”

BETH has tokenized a user’s stake in ETH 2.0 pool at a 1:1 ratio. BETH enables the users to reclaim ETH at a 1:1 ratio whenever the ETH 2.0 Phase 1 gets live. It is estimated to take place by the next year.

As Binance extends its staking support, it will then cover all validators that operate expenses for users and bear the risk of on-chain penalties. It remarked about distributing the on-chain staking rewards to users.

The minimum stake value had been proven at 0.0001 ETH, and the BETH rewards will be dispersed based on the users’ BETH holdings.

Similar to Binance, Coinbase also revealed its support to stake ETH 2.0. Recently, Coinbase announced its support and educated the users to convert their ETH1 in their exchange account to ETH2, which will begin the staking.

Although the ETH 2.0 tokens remain locked in the Beacon Chain, the exchange will “enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.” It will then roll-out the support to customers in restricted jurisdictions by the beginning of 2021 and will soon share other details.

Huobi and Kraken also joined Binance and Coinbase in stretching the support to ETH 2.0 staking.

Even though the crypto community appeared excited about Phase 0 kick-off, the digital asset price has experienced a sharp drop. Right after the launch, the price fell by 11.65% in an hour. The jump took place from $636 to $562. But right now, the price bounced back to $589.

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