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How does this relate to Coinbase letting users exchange their ETH for "ETH2", to join a staking pool?
by losvedir 5y ago
How does this relate to Coinbase letting users exchange their ETH for "ETH2", to join a staking pool?
- wmf 5y ago"Some staking operators have also represented ETH staked on the Beacon Chain with the ‘ETH2’ ticker. This creates potential confusion, given that users of these services are not actually receiving an ‘ETH2’ token. No ‘ETH2’ token exists; it simply represents their share in that specific providers’ stake."
- artdigital 5y agoCoinbase and others (Binance) use "ETH2" as a token for signalling that the ETH has been locked-up for the network upgrade. A ETH2 token on those platforms is just a proof that the underlying ETH has been locked. If you were to not use a CEX, your ETH would be gone until the upgrade is finished, so exchanges make that a bit less harsh with their eth2 tokens and allow you to still do stuff with it