What will the new ETH2.0 upgrade mean for my current stake in ETH??

Thankfully you got a long while before 2.0 comes to fruition

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Here’s what makes sense:
The Ethereum protocol will be overhauled and will move to proof-of-stake, meaning cheaper, more efficient transactions. Good right?

Here’s where I’m lost:
What happens to my ETH when ETH2.0 is released? Will ETH2.0 have a new token that will take over and squash ETH?
Will I benefit or lose from the new update? So confusing

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I don't believe you need to take any action. I believe its an upgrade to the network not a fork in the coin. ETH2 is just for staking/validation rewards until rollout If I am not mistaken.

The ETH2 Upgrades

Nothing you need to do unless you want to start staking your Ethereum now on the parallel ‘beacon chain.’ Eventually, this chain will be merged with the main chain and there will be no more ETH1.

Technically, some miners could revolt and refuse to accept one of the upgrades that’s a stepping stone to ETH2. This would then fork the chain, and they would likely create a less desirable/valuable token, a la Ethereum Classic from a previous fork.

You don't need to do anything except sit back and watch your ETH value go up (assuming they ever get to 2.0 before someone else passes them by).