You asked and we listened! We’re excited to announce that we’ll be supporting staking of Ethereum 2.0, Polkadot, Solana and Cosmos.
What is ETH 2.0?
The goal of ETH 2.0 is to make the Ethereum Network more secure, cost-effective & scalable by moving away from Proof of Work (PoW) (which consumes vast amounts of electricity and requires expensive hardware) to Proof of Stake (PoS), a fairer and more sustainable model that rewards users for validating transactions on the blockchain though staking.
What is staking?
Staking is the process of participating in transaction validation on a proof-of-stake (PoS) blockchain. Virtually anyone with a threshold balance of a certain cryptocurrency can validate transactions and earn rewards. All that’s required is minimum fund balance.
It’s similar to PoW as it helps the coin gain validity whilst rewarding users who participate – but Proof of Stake allows far wider participation and doesn’t require expensive kit. Once a user has the minimum amount of cryptocurrency required they’ll receive rewards for holding the coin in their wallet.
What does this mean for you?
Soon, you’ll be able to stake your Ethereum (ETH), Polkadot (DOT), Solana (SOL) or Cosmos (ATOM) on Uphold and earn passive income effortlessly within the Uphold app and without having to worry about the high minimums imposed by some blockchains.
Our new flexible staking feature means that you won’t need to lock up your funds for a defined period, leaving you free to trade your assets whenever you want. You’ll be able to earn passive income in the form of staking rewards directly from the blockchain. We’ll do all the transaction validation for you and the staking rewards will be automatically credited to your account. We plan to launch staking in June.