KudX Enables Ethereum 2.0 Staking

Ether, the native cryptocurrency of the Ethereum network, is the second most popular cryptocurrency after Bitcoin. With the Ethereum 2.0 (ETH2) upgrade, the cryptocurrency is switching from proof of work (PoW) to a more efficient proof-of-stake (PoS) consensus mechanism. The upgrade is expected to decrease transaction fees and improve overall performance of the network.

PoS allows Ether holders to earn rewards by simply holding the cryptocurrency. It is possible because the staked coins are put to work by the blockchain to make it more efficient and secure. KudX clients are now able to fully leverage this opportunity too, and start earning a yield of up to 8% APR (subject to change depending on the Ethereum 2.0 network rate) by depositing ETH2 into their exchange accounts.

KudX sets no limits on how much or how little ETH2 users can stake. However, they can disable staking altogether at any moment if they choose so. Furthermore, users are able to stake only a portion of their ETH2 balances. There are no restrictions on selling any staked Ether, either, as the process is completely transparent to the trader. The pending rewards are shown in real-time within the user’s account, alongside the current network rate.

In the future, the exchange plans on adding more PoS coins that can be staked by KudX customers as more and more cryptocurrency investors show interest in getting rewards with different cryptocurrencies through staking their crypto holdings.