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OKEx announces launch of Ethereum 2.0 staking service in support of transition to proof-of-stake
Malta, Dec. 4, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the launch of an Ethereum 2.0 staking service before Dec. 17. This will allow OKEx users to stake Ether (ETH) with just one click in return for BETH (i.e., Beacon ETH) at a ratio of 1:1, and receive a competitive and sustainable daily yield. By improving staking liquidity, this initiative by OKEx is part of a deeper ongoing commitment to the Ethereum community and its transition to Ethereum 2.0's proof-of-stake consensus mechanism.
OKEx has long-pledged its support for Ethereum 2.0, becoming one of the first validators on its Topaz testnet with OKEx Pool. The Malta-based exchange has also been instrumental in the growth of the DeFi movement, listing many up-and-coming projects for its users and creating solutions to further the development of the space, such as OKEx Oracle, OKEx Earn and OKEx Jumpstart Mining.
Ever since the release of the Ethereum blockchain in 2015, the crypto space has witnessed the breakneck development speed of decentralized applications and new, innovative blockchain projects using Ethereum as their trusted foundation. After the boom of initial coin offerings in 2017, the growing DeFi momentum has served once more to underscore the true potential of Ethereum and its ability to create an alternative decentralized financial system.
However, as the network has increased in popularity, the Ethereum blockchain has infamously struggled to scale in order to accommodate a meaningful number of new users. With a current transaction-per-second rate of ~15, Ethereum 1.0 is subject to bottlenecks, high fees and decelerated transaction processing times as more users join the network. With the upgrade to the Beacon chain, Ethereum 2.0 aims to remedy this issue, eventually scaling exponentially to handle 100,000 TPS. This will dramatically increase the functionality and use-potential of the network.
"We're delighted to see the Ethereum community successfully pull off the first phase of Ethereum 2.0 and would like to extend our full support to them by allowing for Ether staking on OKEx. This will help staking-liquidity as Ethereum continues the work through the four phases toward transitioning to the proof-of-stake blockchain that will have the ability to support millions of users around the world," said OKEx CEO Jay Hao.
OKEx users who want to take part in Ether staking will enjoy multiple advantages. To begin with, OKEx will cover all the operating expenses of being an Ethereum 2.0 validator and assume the risk of any validator penalties. All on-chain profits will be proportionally distributed based on the number of staked tokens and the lock-up time, with an estimated annual rate of return of between 6% and 20%. Users may also receive additional USDT rewards for taking part in the program.
For more details about OKEx's Ethereum 2.0 one-click staking, please visit our Support Center.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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