MyEtherWallet introduces staking for Ethereum 2.0

MyEtherWallet now takes Ether (ETH) staking into account. This was made possible by a partnership with Staked.

Ethereum 2.0 and staking on MyEtherWallet

The partnership between MyEtherWallet and Staked has been designed to make it easier for users to take advantage of ETH staking . They can now deposit the 32 ETH or more required on the Beacon Chain, and Staked will manage the validation node. According to MyEtherWallet CEO Kosala Hemachandra, this lowers technical barriers that could have prevented some users from staking.

As a reminder, the validators who manage the new nodes of the Ethereum 2.0 network will secure the transactions and replace the miners. However, the Bitcoin Superstar rewards generated in this way cannot be withdrawn for a certain period of time. They will be blocked until phase 2 of Ethereum 2.0, in at least two years.

ETH staking meets with great success

MyEtherWallet is the first crypto wallet to unlock staking with Ethereum 2.0 directly from the app. This opens up staking to mobile users, which could appeal to a wider range of investors, according to Kosala Hamachandra:

“Mobile access to everything the Ethereum blockchain has to offer – including swaps, DeFi, BTC sendings to Ethereum, and staking – can greatly facilitate the entry of users and increase participation in the network. “

ETH’s staking is currently meeting the success hoped for by developers. We learned a few days ago that 1 million ETH was now staked on Ethereum 2.0 . “Delegated staking” services , which take care of the technical aspects on behalf of ETH holders, are also booming.

Kraken, which launched ETH staking on December 4, has already seen 100,000 ETH deposited into the deposit agreement through its services. In total, this is 8% of all ETH stakes. The other large centralized exchange platforms should therefore follow the trend in the coming months.