At Bit2Me, we always work to offer our community solutions to all their needs. And one of the things you have asked us the most is to switch to ETH 2.0 on Bit2Me Earn, and we have listened to you.
This switch to the new Ethereum dynamic improves the rewards you will receive for staking on Bit2Me Earn, increasing the base APY up to 3% and up to 5.5% with the incentives for B2M Holders (although the APY may change based on protocol, supply and market demand) and allows us to support the development of the blockchain by improving the security and performance of the Ethereum blockchain through our participation in the consensus.
That is because rewards are delivered now through a new Proof-of-Stake governance model.
What Is Ethereum 2.0?
Ethereum 2.0 is the name the Ethereum Foundation initially gave to the shift in the network’s consensus mechanism produced after the merge with the Beacon Chain.
Although the name Ethereum 2.0 was dropped and the blockchain did not ultimately change its name, we have decided to use this nomenclature to differentiate the previous Bit2Me Earn staking from the new staking by rewards based on the Proof-of-Stake model.
The Merge, the event in which the Ethereum consensus mechanism shifted, took place on September 15, 2022, at 8:43 am.
Since then, the mainnet (Ethereum’s main network) was merged with the Beacon Chain, and the entire transactional history, including every transaction, smart contract, and balance since July 2015, was also merged.
One of the first benefits of this change was the reduction of the network’s energy consumption. After The Merge, Ethereum went from consuming 80 TWh per year to just over 0.01 TWh, a reduction of over 99%.
The switch to Ethereum 2.0 has also brought great benefits for users:
- Much higher APY of up to 3% base and up to 5.5% with incentives for B2M holders (APY is variable and can change based on protocol, supply, and market demand).
- Possibility to participate in the PoS process and support network development.
How Can You Join Ethereum 2.0?
Transferring your ETH on Earn to ETH 2.0 staking is very simple.
- On January 27, we will deactivate Ethereum staking on Earn and announce it on our social networks. Then, if you wish, you can withdraw your ETH manually to your wallet.
- If you forget to withdraw your ETH or do not read our message on January 30, we will automatically withdraw your ETH, along with all the rewards you have generated, and store them in your ETH wallet.
- Finally, from January 31 and for the next two weeks, the Bit2Me website and app will start to be progressively upgraded, and you will be able to add your ETH to Earn again, taking advantage of all the benefits of ETH 2.0.
IMPORTANT: Remember that your ETH will be immobilized until the Shanghai network upgrade is released.
This upgrade is completely unrelated to us, depends solely on the Ethereum network, and has no determined release date. The Ethereum developers estimate that the release date may take between 6 and 24 months after the merge (which, as we have explained, took place on September 15, 2022), although it could be delayed. Therefore, Bit2Me has no control over this upgrade.
However, the funds you deposit on Earn will generate rewards from the very first moment (remember that the amount of rewards is not fixed and depends on the Ethereum network protocol).
Once Ethereum releases its Shanghai upgrade, you can withdraw your ETH and all the accumulated rewards—it is that easy!
