Six high profile crypto companies will participate in a pilot project for ETH 2.0 staking using ConsenSys‘ Codefi platform.
On June 17, ConsenSys announced in a tweet that cryptomoney exchanges Bitcoin Revolution and Crypto.com, digital asset custody providers Trustology, Matrixport and Huobi Wallet, and investment firm DARMA Capital would receive early access to the ETH 2.0 Test of Participation or Staking through its decentralized platform Codefi.
ETH miners will have few options once Ethereum 2.0 launches the PoS
ETH 2.0 is expected with more and more eagerness
The measure comes in the midst of the boom due to the long-awaited launch of ETH 2.0, which will integrate the proof-of-stake (PoS) model into Ethereum (ETH).
As part of the launch, a network of validators will receive rewards in exchange for securing the Ethereum network. Validators must freeze at least 32 ETHs to begin.
James Slazas, CEO of DARMA Capital, described the PoS upgrade at ETH as „a crucial moment for both the Ethereum and the Web 3.0 ecosystem.
Launch date for Ethereum 2.0 postponed while problems persist
The demand for staking services with ETH 2.0 grows
A series of outsourced staking projects are now emerging, as some stakers are willing to give up part of their rewards in exchange for custody and management services. Others simply do not have 32 ETHs to begin with.
„Some of the risks of these outsourced projects is that managing your own validator could result in the theft or loss of keys, poorly done fund transfers, not to mention hardware or Internet connectivity failures that result in a loss of validator rewards,“ explained Codefi’s staking project manager, Tim Lowe.
„With Codefi, validation keys are stored in a secure vault that requires your digital signature, and there will be multiple access controllers that will validate transactions to prevent unauthorized use,“ he added.
Ether’s mining pool decides to pocket one of the $2.6 million transaction fees
Enthusiasm for staking services has also manifested itself in the form of an explosive rise in the prices of RPL, the token that supports Rocket Pool, an ETH 2.0 staking group aimed at investors with less than 32 initial ETHs.
From mid-March to mid-May, RPL gained over 950%, from approximately $0.30 to record highs of $3.20. Since then, RPL has retreated to $1.90.