Indian exchange CoinDCX announced ETH staking

[Bekuciwu9]

We have first exchanges announcing ETH staking for all those that dont want to be validators but still would like to profit from  staking.Good thing about this is that minimum amount of ETH is very low so many will be able to join this but it is always risky to give your crypto to someone else.

CoinDCX, one of the largest cryptocurrency exchanges in India, is preparing its platform to support ETH 2.0 staking in anticipation of Ethereum 2.0 launch.

As the first phase of Ethereum 2.0 is expected to come on Dec. 1, CoinDCX is now “all set” to introduce ETH 2.0 staking for the global crypto community, the exchange’s executives announced on Nov. 10.

According to the announcement, CoinDCX’s smart contract-based solution will enable users to stake ETH with less than 32 Ether (ETH) — a minimum amount required to participate in ETH 2.0 staking. Neeraj Khandelwal, co-founder CoinDCX told Cointelegraph that the contract will allow users to stake ETH as low as 0.1 ETH up to 1,000 ETH in a single transaction.

https://cointelegraph.com/news/indian-exchange-offers-eth-staking-ahead-of-ethereum-2-0-launch

Since I never heard about this exchange does anyone have any experience with it? Not that I plan to use this one as I will rather wait for top exchanges like Binance to announce staking but it is good that exchanges started with this.

[Lhaine]

You can stake your eth even it's less than the amount required to stake, sounds good but not secured way to stake using exchange.

Before doing that make sure you read all the exchange that has been hacked before. so you will have idea why it's not secured to stored your crypto on exchange for long time.

Better to get the requirements and do stake it by your own, honestly I think they are going to reduce the rewards of the staking for their users in that case they will earn also while they are holding other peoples eth.

[Jating]

Why let third party do the staking for you when you yourself can do it? Doesn't make sense except on maybe you can stake less, but the returns will not be that huge as well.

Perhaps everyone is really into the ETH 2.0 staking and everyone want's to gamble and be the first to make money out of the new product release of ETH. But if I have 32 ETH myself, I will do it my own, at least I have total control of it and I can do anything I wanted to do in the future.

And probably in the future, to attract more investors, maybe ETH will lower the required amount to stake, win-win situation for all of us.

[Bekuciwu9]

Why let third party do the staking for you when you yourself can do it? Doesn't make sense except on maybe you can stake less, but the returns will not be that huge as well.

Because it is not so easy to stake on your own. In order to do that you will have to be validator and that measn extra requiremet. In order to be validator you need computer that will work 24/7 , and it will need to be computer with decent specifications

Operating system : 64-bit Linux, Mac OS X, Windows
Processor : Intel Core i7-4770 or AMD FX-8310 (or better)
Memory : 8GB RAM
Storage space : 100GB solid state drive free space
Internet connection : Broadband Internet connection (10 Mbps)
Power supply : Uninterruptible power supply (UPS)

https://blockcast.cc/news/eth2-deposit-contract-released-how-to-pledge-your-eth-to-become-a-validator/

This is recommended setup in order to be validator. Amd you have to be online all the time or you will get penalties if you dont.So solo staking wont be for everyone.

And probably in the future, to attract more investors, maybe ETH will lower the required amount to stake, win-win situation for all of us.

Many already have 32 ETH so i dont think that will happen anytime soon.Maybe in few years if ETH value goes up a lot.

[Bttzed03]

^ I understand the difficulty but the "benefits" of letting others hold your eth and stake for you still doesn't outweigh the risks of losing your funds because they can easily run away with it.

Aside from that, you also have to think about the security measures of the exchange. Are funds "SAFU" if hackers can break into their hot wallets and steal all those funds? If big exchanges who have been beefing up their security can still be hacked, what more if new and smaller exchange?

[Tushar Ramani]

Why let third party do the staking for you when you yourself can do it? Doesn't make sense except on maybe you can stake less, but the returns will not be that huge as well.

Because it is not so easy to stake on your own. In order to do that you will have to be validator and that measn extra requiremet. In order to be validator you need computer that will work 24/7 , and it will need to be computer with decent specifications

Operating system : 64-bit Linux, Mac OS X, Windows
Processor : Intel Core i7-4770 or AMD FX-8310 (or better)
Memory : 8GB RAM
Storage space : 100GB solid state drive free space
Internet connection : Broadband Internet connection (10 Mbps)
Power supply : Uninterruptible power supply (UPS)

https://blockcast.cc/news/eth2-deposit-contract-released-how-to-pledge-your-eth-to-become-a-validator/

This is recommended setup in order to be validator. Amd you have to be online all the time or you will get penalties if you dont.So solo staking wont be for everyone.

And probably in the future, to attract more investors, maybe ETH will lower the required amount to stake, win-win situation for all of us.

Many already have 32 ETH so i dont think that will happen anytime soon.Maybe in few years if ETH value goes up a lot.

A cloud server will be here to get out of this trouble. 24x7 uptime is a myth if you ask me and these cloud servers provide 99.99% uptime. They are cheap as well - Ex. vultr. Besides, there is no absolute requirement of maintaining your hardware 24x7 alive. Hardware needs maintainance!

[makishart]

It looks like this exchange sites will be doing a staking share. I meant about when some users were able to collect 32 ethereum as the requirements to participated in ethereum staking.
What about the locked period? i heard that if staking ethereum will be locking the deposit amounts for a half of year.

I know that this is a solution for the users that can't afford to deposit 32 ethereum.

[Bitstar_coin]

We have first exchanges announcing ETH staking for all those that dont want to be validators but still would like to profit from  staking.Good thing about this is that minimum amount of ETH is very low so many will be able to join this but it is always risky to give your crypto to someone else.

CoinDCX, one of the largest cryptocurrency exchanges in India, is preparing its platform to support ETH 2.0 staking in anticipation of Ethereum 2.0 launch.

As the first phase of Ethereum 2.0 is expected to come on Dec. 1, CoinDCX is now “all set” to introduce ETH 2.0 staking for the global crypto community, the exchange’s executives announced on Nov. 10.

According to the announcement, CoinDCX’s smart contract-based solution will enable users to stake ETH with less than 32 Ether (ETH) — a minimum amount required to participate in ETH 2.0 staking. Neeraj Khandelwal, co-founder CoinDCX told Cointelegraph that the contract will allow users to stake ETH as low as 0.1 ETH up to 1,000 ETH in a single transaction.

https://cointelegraph.com/news/indian-exchange-offers-eth-staking-ahead-of-ethereum-2-0-launch

Since I never heard about this exchange does anyone have any experience with it? Not that I plan to use this one as I will rather wait for top exchanges like Binance to announce staking but it is good that exchanges started with this.

I guess this is the risk people will have to consider whether it is worth taking or not, plus it will also have to do with the nature of security of that exchange, how secured is the exchange and what is there policy regarding such issues like hack in the case where it happens,
between what the reward structure be like for those having less that minimum eth requirement to stake, aside from not wanting to be a validator, the minimum eth required is major obstacle here, not everyone can afford it, reason why this may appear a bit better.

[Quintrix]

We have first exchanges announcing ETH staking for all those that dont want to be validators but still would like to profit from  staking.Good thing about this is that minimum amount of ETH is very low so many will be able to join this but it is always risky to give your crypto to someone else.

CoinDCX, one of the largest cryptocurrency exchanges in India, is preparing its platform to support ETH 2.0 staking in anticipation of Ethereum 2.0 launch.

As the first phase of Ethereum 2.0 is expected to come on Dec. 1, CoinDCX is now “all set” to introduce ETH 2.0 staking for the global crypto community, the exchange’s executives announced on Nov. 10.

According to the announcement, CoinDCX’s smart contract-based solution will enable users to stake ETH with less than 32 Ether (ETH) — a minimum amount required to participate in ETH 2.0 staking. Neeraj Khandelwal, co-founder CoinDCX told Cointelegraph that the contract will allow users to stake ETH as low as 0.1 ETH up to 1,000 ETH in a single transaction.

https://cointelegraph.com/news/indian-exchange-offers-eth-staking-ahead-of-ethereum-2-0-launch

Since I never heard about this exchange does anyone have any experience with it? Not that I plan to use this one as I will rather wait for top exchanges like Binance to announce staking but it is good that exchanges started with this.

I thought the Indian authorities are banning Cryptocurrency holders, since it's coming from India they are likely targeting IKndian holders and traders, I will wait for our local exchange to do the same, or much better to do your staking to top exchange in the industry like Binance.

[robattfield]

I won't be surprised by this as it is actually fomo focus for eth 2.0 right now, everyone is discussing eth2.0 a lot. Obviously the restrictions on ETH really need to change and my position i think ethereum will get a lot of attention from the community, look but recently on ETH I'm glad it's still going up. Up in a way i feel pretty good, but calm down i see this point the only thing to notice is btc.

[MusaMohamed]

I don't join staking pool on exchanges if they are small. Joining them will put my coins under lock contracts and I can not use them for trading or taking profit if price suddenly rises.

Some members discussed about the risk from third party staking pools. Risk can be higher with small exchanges. Small exchanges can give you offers with better rates but risks are bigger.

Trade on biggest exchanges and if you want to stake your coins with staking pools on exchanges, choose biggest exchanges.

[poodle63]

You can stake your eth even it's less than the amount required to stake, sounds good but not secured way to stake using exchange.

Before doing that make sure you read all the exchange that has been hacked before. so you will have idea why it's not secured to stored your crypto on exchange for long time.

Better to get the requirements and do stake it by your own, honestly I think they are going to reduce the rewards of the staking for their users in that case they will earn also while they are holding other peoples eth.

hacking in the past usually involves the hot wallet being targeted and i don't think this staking have anything to do with the hot wallet.
these staking I assume are like storing your crypto in a cold storage in which there's only one way to retrieve the cryptos staked but that's just my assumption. Still better to stake on our own if we have any eth.

[Shallow]

News about Ethereum 2.0 is now everywhere, and many people as well as platforms will surely join in order to participate while earning the benefits thereof.
Now about this exchange making it possible or rather easier for users to join, from the good side, it requires less ETH in order to participate, which means many people will likely join since Ethereum is already an advanced platform but from another angle, leaving your coins on the care of another is not always a good idea, when also taking into account it is an exchange. Top exchanges in the crypto space has been hacked, I don't even know much about this exchange or how big it is, but in the case of security breaches which might result to lose of assets, who will be blamed and what will the users do?
Nevertheless, anyone who wants to join must be sure he thoroughly understands the risks associated with it and if he can't handle it, then he should think twice.

[coin-investor]

Trade on biggest exchanges and if you want to stake your coins with staking pools on exchanges, choose biggest exchanges.

That's the right thing to do, staking your wallet in an exchange will lock your tokens/coins for a specific period of time and if you do not have access to your tokens it's better that you trust it to a reputable and big exchange like Binance or Kucoin, 32 Eth to stake your coins is not affordable for everyone, if you want to stake your only choice is a poll stake.

[batang_bitcoin]

I'll choose a pool which is even better and join them with my few ETH than to choose an exchange that allows minimum ETH for staking.
This is the same as trusting your fund to an exchange. I think they'll just also allow your fund to be used on pools and they'll just give you the return of profit with cut.

[GelatikKembar]

nice to see good news for Ethereum, since Ethereum 2.0 will be launched very rarely I see FUD news,
maybe for Ethereum this is the time for this coin to wake up from its long sleep,
I am still holding on and will not sell until the target is reached

[Saisher]

Since I never heard about this exchange does anyone have any experience with it? Not that I plan to use this one as I will rather wait for top exchanges like Binance to announce staking but it is good that exchanges started with this.

This exchange do not ring a bell, it's poplar in India but not for other nationalities, I will also choose Binance it's an exchange of choice if I want to stake my Ethereum, because they guaranty coins of their traders, and that's what we all want to exchange, security and a guaranty that whatever happen they will replace or refund your coin.

[Nalbo]

Every of popular exchange would allow users to stake ETH but they'd take a small cut from the profit. The exchanges would already have huge VPS storage that could make the nodes run without any issues and it would also be beneficial for users to stake on exchanges as they'd be saving their money on VPS. ETH staking would also offer a higher reward than many other staking coins, of about 12% annually.

[Ryushin]

I've never heard of any exchange name by coinDCX, how legit is this exchange platform anyways? The only well known indian exchange I trust is Wazirx, I won't dare stake my ethereum on a new exchange and feel relaxed, if exchange like binance introduce eth staking then I will gladly join but not this new exchange.

[goaldigger]

nice to see good news for Ethereum, since Ethereum 2.0 will be launched very rarely I see FUD news,
maybe for Ethereum this is the time for this coin to wake up from its long sleep,
I am still holding on and will not sell until the target is reached

The updates will be big so maybe some exchanges are already making move to lure more people and hold ETH on their platform which I think can be risky if the exchange is unfamiliar to you, so don’t just do staking you also have to know the background of that exchange. More will come for sure and maybe a top exchange will also offer the same thing, we’ll see this one.