Ethereum “Shanghai Upgrade” enters the countdown!

The Ethereum Shanghai upgrade (aka Shapella) is expected to be implemented on April 13, when the mainnet will enable withdrawals for staked Ether. In this regard, the cryptocurrency exchange Binance (Binance) announced today (17th) that it will support Ethereum pledged withdrawals. page for withdrawal.

Binance mentioned in the announcement that after the withdrawal function is launched, users who participate in ETH2.0 pledge can exchange BETH into ETH at a ratio of 1:1 on the Binance “ETH 2.0 pledge” page, and even upgrade in Shanghai After that, you can continue to participate in Binance ETH2.0 pledge at any time and earn BETH rewards.

It is worth noting that due to the processing capacity limit of the Ethereum network, Binance will configure the ETH redemption limit for each user on a daily basis. As for the time required to process pledged withdrawal requests, it depends on the demand for withdrawals and the status of the Ethereum network. It is expected to wait in line for redemption.

Coinbase, another cryptocurrency exchange, also stated that it will start accepting applications for Ethereum pledged withdrawals 24 hours after the completion of the Shanghai upgrade of Ethereum.

However, since the process of unstaking is controlled by the Ethereum protocol, Coinbase only acts as a channel to connect users, so it is impossible to determine how long the withdrawal process will take. If the withdrawal amount is too high, it may take weeks or even several years. months to process.