Part 1. What is ETH2.0?
ETH 2.0 refers to a set of interconnected upgrades from the current PoW mechanism to a PoS one, making the Ethereum ecosystem more scalable, more secure, and more sustainable. The current upgrade process consists of 4 phases: phase 0, phase 1, phase 1.5 and phase 2 (this may be subject to changes in the future).
Part 2. How to Participate?
1. Starting time: 16:00:00 on December 1, 2020 (UTC+8).
Starting time for rewards calculation: 20:00:00 on December 1, 2020 (UTC+8).
2. Participation Ways
2.1 Web: Log into your KuCoin account, click [Finance] - [KuCoin Earn] - [ETH 2.0] - [Subscribe].
Click [Start ETH 2.0 Staking], enter the amount you want to stake, and click [Convert Now].
Note: The exchange of ETH to ETH2 is a one-way behavior with a fixed exchange rate of 1:1. The minimum amount to exchange: 0.01ETH.
During the ETH 2.0 staking period, ETH2 Staking rewards and POL mining rewards are settled daily and will be distributed to your Funding Account on a monthly basis, you can check the profit details at the activity page.
2.2 APP: Click "Assets" on the page and withdraw ETH to the designated address "ETH2" to obtain the ETH-anchored ETH2 tokens.
Part 3. FAQ
1. What is ETH2?
ETH2 is a kind of token issued by KuCoin which corresponds to the rights of the token on ETH 2.0, along with the corresponding Staking rewards. On Earn, when users participate in ETH 2.0 by exchanging the ETH, they will receive an equal amount of ETH2 in return. By holding ETH2 in the specific accounts (Funding Account, Trading account), users can get ETH2 staking rewards and POL mining rewards.
2. How does Earn provide liquidity for ETH2.0?
In the early stages of ETH 2.0, participants could not explicitly withdraw or cash out, which discouraged many users. The ETH 2.0 product on Earn issues the ETH2 token, and the ETH2/ETH trading pair will be supported, which allows users to trade freely, providing solutions for the lack of liquidity on ETH 2.0.
3. How long can users exchange ETH2 to the tokens on ETH2.0?
Only after the ETH 2.0 upgrade is carried out to phase 1.5 and the transfer services become available will Earn offer users the ability to exchange ETH2 into the equivalent tokens on ETH 2.0 at a ratio of 1:1. Earn does not provide any guarantee as to how long it will take until ETH 2.0 enters phase 1.5.
4. What are the rewards for participating in ETH2.0 on Earn?
For users who participate in ETH 2.0 through Earn, Earn will issue corresponding benefits based on the number of ETH2 held by the user after deducting the node server costs. The rewards will be calculated daily and will be distributed to the respective Funding Accounts on T+1 day.
5. What are the possible risks and losses of participating in ETH2.0?
Participating in ETH 2.0, due to slash events and server or network instability, may lead to lower rewards than expected. If ETH 2.0 progress does not work out as expected, it may also affect the opportunity cost of users.
6. What is the minimum amount to exchange?
The minimum amount to exchange: 0.01ETH with a fixed exchange rate of 1:1.
7. Can ETH be redeemed after exchange?
Please note that the exchange of ETH to ETH2 is a one-way behavior, you are able to trade freely on KuCoin through the ETH2/ETH trading pair for liquidity.
8. When will the ETH2/ETH trading pair be available?
18:00 on December 2, 2020 (UTC+8)
9. What is the APR?
APR: 5%-20%, which will be distributed based on on-chain rewards. The final rewards are subject to the actual receipt.
10. How are the rewards distributed?
Users will get ETH2 Staking rewards and POL mining rewards by holding ETH2 assets in the Funding Account, Trading account. The rewards are settled daily and will be distributed to the user's Funding Account on a monthly basis, you can check the profit details at the activity page.