Binance Will Support Staked ETH Withdrawals From April 19

Key Points:

• Binance will allow users to redeem their ETH staking starting from April 19.
• Users cannot cancel their ETH withdrawal requests after they have been submitted.
• Their ETH withdrawal requests may take 15 days to several weeks to be completed entirely.

Major exchanges have begun to allow users to open unstake ETH but have not announced a specific time when they can redeem the amount of ETH rewards. Binance was the first exchange to let users know about this information, that is, after one week.

Binance stated on Thursday that customers who staked Ethereum (ETH) on the exchange would be able to redeem currencies for BETH holdings on a 1:1 ratio beginning April 19, 08:00, coordinated universal time (UTC).

Binance said that once a withdrawal request is received, it cannot be canceled, and the process may be lengthy at first, taking 15 days to several weeks to complete. Redeemed ether will be sent to users’ spot wallets, and pending BETH tokens trapped in pending ETH withdrawal requests will not be eligible for staking incentives. Binance’s BETH token is a wrapped token that is 1:1 tied to ETH on the Ethereum network.

The exchange also said that, due to the processing limits on the Ethereum network, each user would get a daily redemption quotation, which is subject to change.

The Shanghai onerous split of Ethereum, also known as “Shapella,” has been completed, allowing customers who’ve “staked” their ETH to secure and confirm transactions on the blockchain to withdraw.

The much-anticipated hard fork, essentially updating the blockchain by breaking off a completely new one, has been characterized as a historic milestone by members of the Ethereum neighborhood, completing its multi-year transformation to a full proof-of-stake community. With the switch from Proof-of-Work to Proof-of-Stake consensus, the upgrade has been the talk of the Ethereum community.

Epoch 194,048 did, according to Becaoncha.in, register some missing spots. This might be due to validators failing to update their MEVs.

Several market participants believed that the release of the staked ETH would result in significant sell-offs. Nevertheless, due to strong demand, some believe that completing the unstaking request may take weeks or perhaps months.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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