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– TIMESTAMPS –
2:10 Ethereum 2.0 Recap
4:58 Ethereum 2.0 Staking
7:26 Staking Conditions
9:40 ETH 1.0 vs. ETH 2.0
12:30 AAX Shoutout
13:43 BETH Token
⛓️ 🔗 Useful Links 🔗 ⛓️
► Ethereum 2.0 Staking Launchpad: https://launchpad.ethereum.org/
► Ethereum 2.0 Staking Pool (in development): https://www.bloxstaking.com/beta/
► Ethereum 1.0 Scaling Roadmap: https://twitter.com/VitalikButerin/status/1312905882330521600
► Op-Ed on Tokenized ETH 2.0: https://www.coindesk.com/staked-eth-will-replace-traded-eth
► FTX To List BETH Token: https://www.coindesk.com/ftx-beacon-chain-ethereum-deposit-contract
📕Ethereum 2.0 Recap📕
Ethereum 2.0 has basically been in the works since Ethereum was created back in 2015. This is because Ethereum’s founders knew at the outset that it was only a matter of time before Ethereum’s 15 transactions per second would not be enough to sustain its growing number of decentralized applications and their users.
Ethereum 2.0 will drastically increase the efficiency of the network. This is possible thanks to something called ‘sharding’, a technology that has been used in database systems for years to improve efficiency. In Ethereum 2.0, each sharded chain will be able to manage its own subset of user accounts and decentralized applications within the ecosystem.
💰Ethereum 2.0 Staking💰
To become a validator on Ethereum 2.0, you just need 3 things: 32 ETH, which costs around 15 thousand dollars at the time of shooting, a robust internet connection, and a functional computer with modest specs to run the staking software. Note that if you do not have 32 Ethereum but still want to stake, you can join an Ethereum 2.0 staking pool.
If the minimum amount of 525,000 ETH is staked on the 2.0 network, you will receive a modest 21% annual percentage yield. This APY falls as more ETH is staked, with an annual yield of just 5% when 10 million ETH is staked on the network. It also falls if you stay offline for too long or engage in any malicious behavior, in which case part of your stake will be slashed.
When you stake your ETH in 2.0, it’s a one-way trip – you will not be able to turn your new 2.0 ETH back into 1.0 ETH. You will also not be able to withdraw your staked ETH or your staking rewards until the launch of Phase 2, which will not happen for another 2 years at the very least. Finally, there is a risk that the network could experience and error that causes you to lose some or all of your stake.
These conditions might be why people have been hesitant to stake their ETH on the 2.0 network.
🏋️♀ETH 1.0 vs. ETH 2.0🏋️♂
For most people, selling their ETH during this bull market will be exponentially more profitable than staking their ETH in 2.0. Once it is possible to move funds in 2.0, many people who staked will be itching to claim and sell their yields and maybe even the ETH they staked. This could crash the price of Ethereum in the future.
A Beacon Chain Ether (BETH) token could make it possible to unlock the liquidity of your ETH while staking on 2.0. You could stake your ETH in 2.0 using a cryptocurrency exchange like FTX, and they will give you a BETH token representing the 2.0 ETH you staked.
The benefit for them is that they get to claim your staked Ethereum when Phase 2 launches two or three years from now, plus the interest accrued from staking. The benefit for you is that you still have access to Ethereum you have staked via the BETH token which can be freely trade it on the open market, meaning you won’t miss out on the next bull run.
An interest-bearing BETH token could also be issued, meaning the token would accrue some portion of the staking interest in real time. This would make BETH useful for many DeFi shenanigans, and would also draw the attention and capital of DeFi users. The high demand for BETH would motivate more people to stake, which would also help secure the Ethereum 2.0 network.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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