According to a blog post by PegaSys Protocol’s applied researcher, Ben Edgington, the Ethereum Foundation’s official registration portal for staking on Ethereum 2.0 is under development.
Ethereum 2.0 Launchpad
Known as the Ethereum 2.0 Launchpad, the web-based portal will allow individuals to sign-up as a validator on the Ethereum 2.0 network which is expected to launch later this year. The development effort is a collaboration between ConsenSys Codefi, DeepWork Studio, and the Ethereum Foundation. The Launchpad boasts a modern technology stack as well as a colorful and sleek user interface.
Signing up to become a validator (or simply ‘staking’) requires putting up a stake of 32 ETH which is locked into a one-way deposit contract. This gives the validator the right to run a validator node, earn rewards, and participate in securing the Ethereum 2.0 network.
A wizard-style interface guides new users through the validator sign-up process including assistance with depositing staking funds, configuration of hardware, securing validator keys, and understanding the risks involved.
“We needed to teach users a lot during the process of becoming a validator. We don’t know how much background information people have and what they already know. Ideally, we want to avoid the chance of people making mistakes.”
- Andrej Berlin, Product Designer at Deep Work Studio
Validators are critical to the success and security of Ethereum 2.0, so the Launchpad needs to get it right. A poor user experience could seriously impact the launch of the network. At today’s prices a 32 ETH investment costs almost $7,000 USD. At that price-point, a polished and professional user experience is going to be an important factor for securing the confidence of potential validators.
Before the Ethereum 2.0 network can be activated, at least 524,288 ETH is required to be collectively staked. Each individual validator account requires a staking deposit of exactly 32 ETH. Individuals can stake multiple times if they want to run more than one validator account and the Launchpad supports the addition of multiple validators during the sign-up process.
Validators earn rewards (paid in ETH) for their efforts. Depending on the total amount of staked ETH securing the network, rewards could be anywhere in the range of 2–18% per year.
There is an upside to becoming a validator that goes beyond the financial returns: the opportunity to participate in launching what may become known as the “World Computer”. The Ethereum 2.0 Launchpad will be an important gateway on the path to that historic moment.