Huobi launches ETH 2.0 stake function ahead of Beacon Chain launch

With the 1st of December and the scheduled launch of ETH 2.0’s Phase 0 looming with every passing hour, crypto-exchanges are preparing themselves by offering new ETH 2.0 staking services. Popular crypto-exchange Huobi has taken the lead in this respect, with the Singapore-based exchange announcing the launch of ETH 2.0 One-Click Stake Function a few hours ago.

According to the said announcement, Huobi Global will support ETH2.0 proof-of-stake and will launch ETH2.0 one-click function. With this function, users will be able to pledge ETH as BETH with one click and participate in ETH 2.0 proof-of-stake mining.

Revenue calculation services will commence from 1 December at 20:00 (UTC+8) and Huobi Global will open BETH’s transaction “at any opportunity according to the network status.” The statement released by Huobi also noted that based on ETH 2.0 chain rules, ETH pledge will be a one-way operation that cannot be retrieved.

Beacon ETH (BETH) will be a new asset used solely by stakers (‘validators’) on the beacon chain. It will be created via two methods. While it can be a reward for validating the beacon chain (And shards, after Phase 1), BETH can “also be purchased for 1 ETH by any ETH1. X user via an ETH1.”

With respect to revenue distribution, the announcement added,

 “If the ETH Beacon chain is abnormal, the revenue distribution shall be subject to the actual situation on the chain.”

While the launch of the Beacon chain has been one of the most widely anticipated events in crypto, some still remain skeptical. In fact, some have said that calling the Beacon Chain a testnet would be ‘overselling.’

However, a degree of optimism remains. In the words of Solana’s Co-Founder,

“It’s a big step. Once you have something in production, it’s a lot easier to iterate.”