Etherea’s transition to Ethereum 2.0 officially began in December 2020 launch its lighthouse chain. The long-awaited scaling solution moves the blockchain from proof-of-work to a proof-of-stake consensus algorithm. In the months since the transition began, users of the United States-based cryptocurrency Kraken Exchange have allocated more than half a million ethers (ETH) to the stakeout platform.
On Tuesday, Kraken said in a public statement that the company “is pleased to announce that the total amount of ether deployed through its platform has now exceeded 500,000 ETH, as the Ethereum community continues to support the much-anticipated move to proof of deposit (PoS). “
Kraken broke 500,000 ETH bets yesterday and reached 501,300 at a time when stock market news was made public today.
In general, interest in Eth2 increased at the end of 2020, leading to the launch of the lighthouse chain in December. At least it needed to be launched 16 384 participants will bet a total of 524 288 ETH or more.
Participants can join the Ethereum 2.0 network themselves if they own at least 32 ETHs and complete certain processes, according to Kraken’s statement. However, setting up a Kraken ETH is more user-friendly and requires less capital. “Betting on Kraken can be done with just three clicks and is open to anyone,” the statement said. “Clients can bet from just 0.00001 ETH, which currently costs just over 2 cents.”
The independently inserted ETH must be kept locked indefinitely until some development of Eth2 is achieved. The ETH bet on Kraken operates according to more flexible parameters, depending on the regulatory requirements of certain regions, the statement said.
Coinbase recently opened a waiting list for those interested in embedding ETH on its platform, according to by February 16 blog post. Binance started offers ETH betting in December 2020 according to a blog announcement. Kraken too he opened the stake on his platform in December.
Eth2 was in the works for years, despite a number of failures, and still faces a long way to go.