Ethereum'south transition to Ethereum two.0 officially began in December 2020 with the Buoy Concatenation launch. The long-awaited scaling solution takes the blockchain from a proof-of-work consensus algorithm to a proof-of-stake one. In the months since the transition began, users of the United States-based crypto exchange Kraken take allocated more than half a meg Ether (ETH) to the platform for staking purposes.

On Tuesday, Kraken said via a public statement that the visitor was "pleased to announce that the total amount of ether staked through its platform has now surpassed 500,000 ETH, as the Ethereum community continues to express its support for the much-awaited transition to proof of pale (PoS)."

Kraken breached 500,000 staked ETH yesterday, reaching 501,300 by the time the exchange'southward news became public today.

Staking interest for Eth2 grew at the tail end of 2020, leading upwards to the December Buoy Chain launch. The launch needed at least 16,384 participants to pale a combined sum of 524,288 ETH or more.

Participants can stake on the Eth2 network themselves, if they own at least 32 ETH and complete certain processes, Kraken's argument noted. Kraken ETH staking, even so, is more user-friendly and requires less capital. "Staking on Kraken tin be done in only three clicks and is open to anyone," the statement said. "Clients can stake from as little as but 0.00001 ETH, which is currently worth a piddling under 2 cents."

ETH staked independently must exist held locked indefinitely until sure Eth2 developments are met. ETH staked on Kraken operates under more than flexible parameters, depending on regulatory requirements of sure regions, said the statement.

Co-ordinate to a Feb. sixteen blog mail service, Coinbase has opened a waitlist for those interested in staking ETH on its platform. Binance began offering ETH staking in Dec 2020, with Kraken opening staking on its platform that same month.

Eth2 has been in the works for years, despite a number of setbacks, and all the same faces a long road ahead.