One night after the launch of the Ethereum 2.0 Beacon Chain, a solution was proposed to withdraw Ethereum locked up in deposits faster.
Danny Ryan, the core developer of Ethereum 2.0, has submitted an improvement plan that will allow about 80% of stake ETH to be withdrawn as early as the first quarter of 2009.
Currently, 925,314 ETH, which is equivalent to about 56 billion yen, has been deposited in the beacon chain, but due to the mechanism of Ethereum 2.0, there is a disadvantage that it will remain locked up for about 2 years until the previous phase. If technical issues arise on the way to Phase 2, the lockup period may be longer, which is undeniably leading to investors' hesitation.
Proposals and solutions to accelerate withdrawals
Ryan's proposal is to create a "withdrawal contract" that specializes in beacon chains. With this method, it is possible to withdraw more than 80% of the deposited ETH. Contract code .
Rocket Pool is a staking pool that will implement the function of withdrawing deposited ETH and reward ETH using Mr. Ryan's suggestion. Rocket Pool provides staking services by collecting 32 ETH required to operate one node from multiple investors. At the moment, it says it will not start the staking service until the withdrawal function is implemented.
Rocket Pool founder David Rugendyke commented on Ryan's suggestion: "Ethereum 2.0 does not support withdrawal features, but to democratize the staking environment, third-party projects centralize validator withdrawal keys. "We need to let the manager manage it. There may be risks such as trust," he said. "Ryan's proposal is very good. I definitely support it," he said positively.
Exchange response
Some cryptocurrency exchanges such as Binance are also looking for unique measures such as issuing and granting alternative tokens in order to mitigate the disadvantages at the time of deposit.
Binance has announced that it will grant staking users the same amount of alternative tokens "BETH" as the number of deposits for Ethereum 2.0 staking support. ETH for the reward will also be given as BETH, and it will correspond to the BETH transaction itself.
Coinbase, a major US exchange, has also announced that it will give ETH in Ethereum 2.0 in the form of alternative tokens and will start offering a trading system compatible with the current ETH and new ETH in early 2021.
Reference: Rocket Pool