Crypto Currencies1Click Staking & Trading between ETH & Ethereum 2.0 to be Launched

BusinessWire BusinessWireJanuary 4, 20215 min

Redot.com is pleased to announce its upcoming Ethereum 2.0 staking and trading service. As of this writing, the total ETH locked in the ETH2 deposit contract is 2,000,000 ETH, and rising. However, most staking to date has been done by core developer teams, and experts who are able to maintain their own validator nodes, constantly run an internet-connected computer, and most importantly stake at least 32 ETH per validator. Further, initially, Ethereum 2 transferability is not enabled by the protocol, and funds sent to Ethereum 2 smart contract are locked for an indeterminate amount of time (with rough expectation of 1-2 years), which is not ideal for smaller investors. “At Redot we believe that at the heart of blockchain adoption, and actually any technology, is simplicity and ease of use” said Tomas Drobny, exchange’s director. Redot is extending its custody services to Ethereum 2.0 and will allow users to simply buy or sell ETH2 at any time, just as if it were any other digital asset in a bid offer screen, by simply clicking a button. Any investors who hold a minimum of 0.01 ETH2 on Redot for any period of time, will earn a yield which is accrued daily, for the duration that they hold the asset based on current network rewards, and are able to sell the asset at any time as opposed to when Ethereum 2.0 phase 2 goes live. Approximate interest yield numbers can be seen live in this calculator, and at the time of writing are 13% APY.

As the Ethereum community gradually gears up to network transition from Proof-of-Work in the original Ethereum to Proof-of-Stake in Ethereum 2.0, more and more clients each day ask Redot support how to easily stake their ETH without reading technical manuals, and risking penalties for misconfigured validator nodes. This is precisely why Redot built out a full suite of functionality for this bleeding edge ecosystem where those worries are taken care of by the exchange, and clients are given the ability to trade at any time, by exchanging tokens between two chains, despite the fact that currently this is not supported in Ethereum 2.0. Also, Redot has an automated facility to earn a staking yield based on network rewards without having to host own infrastructure and hold over 32 ETH mandated by the protocol. In anticipation of this release, Drobny stated “We believe that simplicity, ease of use and a seamless user-friendly interface, where all of the difficult work is done under the hood, will garner much more adoption and eventually shift most ETH from PoW to PoS.” Further, to help the community and expert clients, Redot self-hosted a blockchain explorer for the main-net of Ethereum 2.0, for users to monitor current state of the network and Redot validators.

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