Specifically, Ethereum’s transition to Ethereum 2.0 was underway in December last year, following the Beacon Chain release, which turned the blockchain to a proof-of-stake algorithm.
Throughout months since the transition started, clients of the US-located crypto exchange Kraken have reportedly finalized the allocation of half a million Ether (ETH) to the platform for staking purposes.
Kraken reportedly exceeded 500,000 staked ETH on March 17th, hitting the 501,300 milestone by the time the exchange’s news became public the next day.
Staking interest for Eth2 has reportedly climbed up towards the end of 2020, building up to the December Beacon Chain release. A minimum of 16,384 participants was required to carry out the staking of a combined sum of 524,288 ETH or over.
Participants can reportedly conduct staking across the Eth2 network on their own, if there is a minimum of 32 ETH in their possession at the time, and they finalize some specific process. Kraken ETH staking, however, is more user-friendly and requires less capital.
“Staking on Kraken can be done in just three clicks and is open to anyone. Clients can stake from as little as just 0.00001 ETH, which is currently worth a little under 2 cents.”
ETH staked independently are reportedly required to be kept indefinitely, until particular Eth2 developments are available. Kraken-based Eth staking is carried out under more flexible parameters, which relies on the requirements in terms of regulations of particular territories.