• Binance announced that withdrawals of staked Ether (ETH) will be allowed starting April 19th.
• The release of more than 18 million ETH staked in the network since late 2020 occurred after Shapella hard fork, also known as the Shanghai upgrade.
• Users can redeem their coins by exchanging BETH holdings at a 1:1 ratio, and redeemed ETH will be sent to users spot wallet.
Staked ETH Withdrawal on Binance To Commence From April 19
Shapella Hard Fork Allows Release Of Staked ETH
Exchange Binance has announced that users may begin withdrawing their staked ether (ETH) starting from April 19th using their BETH holdings, at a 1:1 ratio. This was made possible after the Shapella hard fork, also known as the Shanghai upgrade, was executed on the Ethereum blockchain recently, allowing for the release of more than 18 million ETH staked in the network since late 2020.
Withdrawal Requests Cannot Be Reversed
Binance warned its customers that once withdrawal requests are filed they cannot be reversed and might take anywhere from 15 days to several weeks to complete. Redeemed ether will be sent to users’ spot wallets, and any BETH tokens currently tied up in pending withdrawal requests will not earn any staking incentives.
Daily Redemption Quotation
Before confirming a customer’s withdrawal request, an estimated date of redemption is given by the exchange. Users may view this most recent date under Staking History on Binance. Taking into account processing restrictions of Ethereum network there is a daily redemption quotation for each user which is subject to change.
Ethereum Switch To Proof-Of-Stake Network
The Shanghai upgrade finalized Ethereum’s switch to proof-of-stake network by making all previously staked ETH withdrawable. In order to validate on-chain transactions users stake ETH with the network for which they are rewarded with newly produced ETH for their participation; making this transition crucial for Ethereum’s success going forward.