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October 4, 2022
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100,000 ETH stacked in Ethereum 2.0 via the Kraken exchange –

Just four days after the Eth2 staking service was launched, customers of the popular US cryptocurrency exchange Kraken deposited over 100,000 ETH worth $ 60 million.

The Kraken represents 8% of Ethereum stacked

The milestone was breached on December 8, with the exchange estimating its staking service to be around 8% of all ETHs blocked so far in the Ethereum 2.0 deposit contract. Kraken estimates that its services will provide between 5% and 17% of APY.

Product vice president Jeremy Welch said the exchange “has long been a sympathizer of Ethereum,” stressing that Kraken was one of the first exchanges to introduce ETH to the market in August 2015.

Welch also added that as of December 1, ETH trading volume typically accounts for between 15% and 40% of the daily BTC volume.

Not only the Kraken

Kraken is not the only exchange that offers the ETH 2.0 staking service. Over the past week, similar services have also been launched by the following platforms: Binance, Huobi and Bitcoin Suisse. By the end of the month, staking will also be enabled by OKEx, and Coinbase will join them “in early 2021”. Consequently, a significant fraction of the ETH stakes may be centralized among several of the largest exchanges.

The MyEtherWallet wallet has also announced the integration of ETH 2.0 staking. MEW users can stack their ETH via a browser wallet or mobile app. The new MEW service is the result of cooperation with Staked. Staked CEO Tim Ogilvie stated:

“MEW is rightly considered one of the original Ethereum wallets, and it’s a good thing that MEW users can now use our Staked infrastructure to participate in major Ethereum modernization.”

While the launch of the Beacon Chain earlier this month made ETH staking possible, users will not be able to withdraw their tokens until Eth2 transfers are enabled. It is unlikely that this will happen in the next year.

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