P2P.org has launched its Ethereum staking solution on Safe, the distributed custody protocol that safeguards over $38 billion in total assets, a strategic maneuver anticipated to simplify the process for individuals wishing to stake ETH without the necessary physical setup.
Through P2P’s application, patrons utilizing Safe can now stake their ETH instantly “with merely a few clicks while retaining complete ownership over their staked ETH,” remarked P2P CEO Alex Esin in the announcement made on Wednesday. Users opting to stake 32 ETH – the minimal sum required to stake on Ethereum – via the application will also benefit from slashing protections, ensured by P2P, as mentioned in the announcement.
When a validator fails to perform its responsibilities, often due to being offline, the network imposes a financial penalty on the validator and reduces the staked ETH. P2P has experienced zero slashing incidents and will reimburse the slashed amount based on a user’s coverage selection, as stated by P2P’s communications spokesperson Rick Bagshaw.
Ethereum presently has over 22.8 million staked ETH valued at nearly $40 billion protecting its network, according to data from blockchain analytics company Nansen, and P2P’s collaboration with Safe is intended to facilitate greater participation from cryptocurrency users in staking.
P2P’s introduction of its “first-ever direct staking application on the Safe Apps ecosystem” is a forward step toward promoting “non-custodial staking services to an expanding DeFi community,” according to the announcement.
Edited by Nick Baker.
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