FTX intends to add Ethereum 2.0 tokens from phase zero
The FTX crypto derivatives exchange intends to launch markets for Ethereum cryptocurrency coins that are in the Beacon Chain of the Ethereum 2.0 update, writes CoinDesk.
The official release of the Ethereum 2.0 deposit contract took place on Wednesday. At the time of publication, it contains 16,500 ETH worth $ 6.6 million. The deposit contract does not allow the withdrawal of assets, so the launch of the derivatives market will help investors who will not be able to exit their positions at least until the first phase of Ethereum 2.0 to gain access to liquidity.
FTX plans to launch BETH tokens, which will be Ethereum tokenized Ethereum 2.0 staking coins.
Ethereum Foundation researcher Justin Drake said that such a device of the deposit contract was designed specifically to avoid the emergence of a second asset available for trading. Ethereum co-founder Vitalik Buterin believes that market participants will not have an incentive to provide liquidity for the second version of the ether, since it makes no sense to move coins to a new chain without gaining validator status..
Nevertheless, there is nothing technically stopping the exchanges from listing such an asset and attracting market makers to service trading. It is expected that the value of the token will be influenced by the staking yield, which will range from 8% to 15% per year, and the inherent risks. For example, penalties for failure to perform validator functions are imposed on the deposit.
“Security concerns are the primary intermediary problem because the people who will take financial risks will no longer be the ones who issue the blocks, and the validators will no longer bear direct financial risks, only indirect ones,” said Hasu analyst adding that in the interests of security, exchanges may limit the amount of BETH tokens available for trading to the amount of Ether deposited in their staking wallets.
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