CoinDCX to Launch Liquid ETH-Backed Token for Users; Partners with US-Based Staked to Provide Staking Services
- 16.12.2020 11:22 am
CoinDCX, India's largest cryptocurrency exchange, is all set to issue 1:1 token Ethereum token, to all Ethereum staked holders, who have staked and may stake in the future. The token will be issued in the last week of January 2021.
CoinDCX recently launched an ETH staking product where its users can stake ETH for as low as 0.1 ETH. All the users have to do is lock their ETH for staking. Taking note of the increasing demand from users on ETH2 staking, CoinDCX is all set to launch the token. The roadmap and token launch will happen simultaneously in the last week of January. CoinDCX will release a whitepaper on 7th January and the benefits of the paper will be released in the said whitepaper.
CoinDCX will also be organizing community-led activities before the launch to come up with a token name and logo.
Once the token is launched, it will be available for all the users who have staked ETH and will be staking ETH, in the future. The token will be liquid and will be tradeable on CoinDCX markets. This will allow traders and investors to enter and exit ETH 2 staking seamlessly.
The backed token will be pegged to Ethereum price. This will be hugely beneficial to every type of Ethereum investors (short or long term). On one side, investors can earn staking rewards (15-20% as per the current ETH2 blockchain staking rewards), and also they can trade in CoinDCX markets. However there are more benefits in store, once the 2000 ETH target is met, the token will function as a utility token across the CoinDCX ecosystem.
Neeraj Khandelwal, co-founder of CoinDCX, said: “Staking is slated to improve the efficiency and scalability of the Blockchain technology. But the assets locked in staking can cause a liquidity deficit in Cryptocurrency markets. With this token, CoinDCX aims to solve that problem for Ethereum. Staked ETH via CoinDCX will be highly liquid.”
Token holders will receive benefits on trading fees, discounts, lucrative airdrops, and more which will be enumerated in the whitepaper. CoinDCX will be also providing a loan facility. Users can also get stablecoin backed loans, and can borrow collateral for Margin trades on CoinDCX.
CoinDCX is launching this token which is not only ETH backed, but it is community-backed too. The token is powered by the most-awaited technological transformation on the world’s most widely used Blockchain. CoinDCX will create an ecosystem for its community to reap the benefits of Ethereum 2.0 and this token will serve as a fuel which will be powering this ecosystem providing a series of benefits to its users.
U.S-based Staked, which provides non-custodial staking services for institutions and is the leading independent validator for Ethereum 2.0, is partnering with CoinDCX to support Ethereum 2.0 staking.
Tim Ogilvie - Co, CEO and co-founder of Staked, said: “We are thrilled to extend our support to CoinDCX in such a way that the exchange’s users can now take advantage of our staking infrastructure to participate in Ethereum’s major upgrade.”
CoinDCX has always been at the forefront of adopting and integrating innovative solutions within the crypto ecosystem that will help crypto services. Association with Staked, will help CoinDCX provide top of the line, industry graded staking solutions and will contribute to the growth of CoinDCX ecosystem.