eToro will soon unlock staked ETH and the granted rewards. The broker will process to move its reward into the e-wallet.
As Ethereum updated and renewed the feature, eToro announced the movement into the wallet for all eToro users who staked ETH 2.0. The blockchain project will soon unlock staked ETH and the granted rewards. It means eToro's ETH 2.0 staking services on the eToro Money crypto wallet will end.
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Staking Ethereum 2.0, which started in the second half of 2022, will end. Afterward, eToro will withdraw the staked ETH and the rewards, then move it to the user's ETH wallet on the eToro Money crypto wallet. eToro will send a confirmation email to eToro users who staked ETH 2.0 once this process is complete.
eToro said that the withdrawal process could take a little bit long time. However, they will do it as quickly as possible as the customers wanted the unlocked reward.
"We understand that many of you have been anticipating the distribution of rewards, and we appreciate your patience while we finalize the details of this process", the broker stated.
Definition of Staking ETH 2.0
Staking Ethereum 2.0 is an activity to hold or save some Ether (ETH) to participate in the biggest blockchain to get a reward. The process is to stake and lock some ETH. Meanwhile, eToro is popular as a broker with a good ETH wallet. To invest crypto in eToro, a person has to deposit $200.
Theoretically, everybody can use a blockchain that cultivates a proof of stake context. This variety of proof of ownership will allow people to participate in the staking process. Proof of Stake, or PoS itself, is a consensus mechanism several blockchains use. PoS authorize users to have the right network tokens to earn rewards for validating blocks.