OKEx Mining Pool Becomes Proof-of-Stake (PoS) Validator For Ethereum 2.0 Topaz Testnet

  • OKEx becomes the latest exchange to join Ethereum 2.0 testnet validators’ pool.
  • The Topaz testnet phase 0 is set to be released in 2020 in readiness for the mainnet launch.

One of Ethereum’s largest mining pools – OKEx Pool – announced they are joining the Ethereum 2.0 Topaz testnet as a validator.

The exchange-based mining pool becomes one of the first pools to launch a Topaz testnet showing its support for ETH moving from a proof of work (PoW) to a proof of stake (PoS) system.

The move is set to mutually benefit existing pools and ETH 2.0 developments, with users expected to be the biggest gainers. The exchange is expected to boost the traffic on the testnet and create a convenient and direct way for a large number of ETH 2.0 Topaz users and dev teams.

“For mining pools, betting on the ETH network will allow them to grow together and share future dividends”. – OKEx Pool benefits on launching support for the ETH 2.0 Topaz testnet.

Alysa Xu, Chief Strategy Officer at OKEx, showed appreciation as OKEx becomes one of the first ETH mining pools to offer support for the Topaz ETH 2.0 testnet network. The exchange pool will work with ETH 2.0 developers to help tap into the potentials the Proof-of-Stake (PoS) system offers. In the release, Xu said:

“We appreciate what ETH dedicated to the industry and have great confidence in the potentials of ETH 2.0. We are willing to contribute to the ETH ecosystem.”

The exchange pool has partnered with Prysmatic Labs, to boost development on the Topaz testnet, which is a new iteration of Prysmatic Labs’ testing environment.

“We have already established the collaboration with Prysmatic Lab and more specific cooperation will be carried out by us to promote the development of ETH in the near future.”

As ETH rallies past new resistance levels, the anticipation for the launch of ETH 2.0 grows stronger as potential stakers rush to buy the token.

The Topaz testnet replaces the Sapphire testnet hence changing the number of tokens needed to successfully become a node in staking from 3.2 ETH to 32 ETH. Currently, Ethereum trades at $213 after a 5% boost in the past 24 hours.

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Author: Lujan Odera

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