Binance To Allow ETH 2.0 Staking Withdrawals After Shapella Upgrade
- Binance announced that it would enable ETH 2.0 staking withdrawals owing to the impending Ethereum Shanghai and Capella upgrades.
- When the feature is available, users engaging in ETH 2.0 staking may trade BETH for ETH at a 1:1 ratio on the Binance ETH 2.0 staking website.
- Users may continue participating in Binance ETH 2.0 staking and collecting BETH rewards after the Shapella update.
With the Shanghai and Capella upgrades getting closer and closer, exchanges and platforms are also starting to move. Binance was one of the first exchanges to stay ahead.
Since the future Ethereum Shanghai and Capella upgrades (Shapella upgrade) will enable ETH staking withdrawals, Binance will enable ETH redemptions on the ETH 2.0 Staking page within one week of the function being accessible on the Ethereum network.
When the feature is released, users who have engaged in ETH 2.0 staking will be able to redeem BETH to ETH on a 1:1 ratio at the ETH 2.0 staking page.
However, longtime ETH holders may continue to participate in ETH 2.0 staking at any time and earn BETH rewards after the Shapella upgrade.
The exchange said that after the Shapella upgrade is complete, it will notify users more specifically.
Binance was one of the first exchanges to announce support for the Shapella upgrade, earlier in Ethereum’s previous The Merge upgrade,
The exchange has also supported staking ETH using the Proof-of-Stake (PoS) mechanism.
Binance will implement daily ETH redemption limits for each user due to processing constraints on the Ethereum network. A waiting list for ETH redemption is also predicted, according to the exchange. The amount of time it takes to complete ETH withdrawal requests is managed by the demand for ETH staking withdrawals at the time of redemption, as well as the Ethereum network.
After Shanghai was successfully tested on the final testnet, Goerli, on March 14, Ethereum developer Tim Beiko yesterday confirmed the upgrade implementation timeline for withdrawing ETH staking would be around 10:27 AM UTC on April 12.
Now, around 17.5 million of such so-called staked Ether, valued at approximately $30 billion at current prices, cannot be accessible on the network, albeit the coins do produce a return to their owners.
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