KuCoin is Renaming ETH2 To ksETH!
12/07/2023 18:45:38
Dear KuCoin Users,
We are excited to announce that KuCoin will be changing our ETH staking asset name. After the Ethereum upgrades, Ethereum has shifted from POW (proof-of-work) to POS (proof-of-stake). To provide a more accurate description, the ETH2 on the KuCoin platform will be renamed to "ksETH".
The term "Eth2" was commonly used to describe the future of Ethereum before the switch to proof-of-stake, but it was phased out in favor of more precise terminology.
What is ksETH?
ksETH is a type of proof of stake issued by KuCoin. Those who possess this token can obtain staking rewards and will have access to various benefits on the Ethereum mainnet. Users who stake ETH through KuCoin Earn will receive an equal amount of ksETH. ksETH can be deposited into your Funding Account or Trading Account, and can be used for trading regardless of redemption periods to quickly obtain ETH.
The following related products update:
- Spot Trading
The ETH2/ETH trading pair has been renamed to ksETH/ETH. - ETH Staking Product
All references to ETH2 will be replaced with ksETH.
The change in the product's name will be effective from now on. We take this opportunity to thank you for your continued support.
How to participate in the ETH staking:
Users can participate in staking their ETH by visiting the ETH Staking page to get a 4.2% APR!
Notes about the ETH staking:
- Once a withdrawal request is submitted, it cannot be cancelled.
- The initial redemption process may take at least 5 days. The processing time for staking withdrawal requests depends on the withdrawal demand of ETH stakers and the Ethereum network.
- After the withdrawal request is processed, the ETH used for ETH staking will be returned to the user's savings account.
- Users who have not initiated a withdrawal request will still receive ksETH staking rewards and will not be affected by this feature.
- For any inquiries, please feel free to contact our customer support team.
Risk Warning:
KuCoin Earn is a risk investment channel. Investors should be sensible in their participation and be aware of investment risks. The KuCoin Group is not liable for users’ investment gains or losses. The information we provide is for users to conduct their own research. It is not investment advice. The KuCoin Group reserves the right of final interpretation of the activity. Kucoin is not responsible for any loss of assets caused by the user's own investment decisions or related behaviors, and the user should assume full responsibility.
Thank you for your support!
The KuCoin Earn Team
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