On April 12, the Ethereum network successfully executed its Shanghai upgrade, enabling investors to withdraw their staked Ether. This week, due to a planned revamp of the blockchain, investors will finally have access to over $33 billion worth of ether. Many crypto exchanges have announced the start of withdrawals, and Binance is the latest of them. In a major announcement, Binance, one of the world’s leading cryptocurrency exchanges, revealed that it would begin supporting Ether (ETH) staking withdrawals from April 19 onwards.
Users Can Withdraw Ether At A 1:1 Ratio To BETH Holdings
On Thursday, Binance, a global cryptocurrency exchange heavyweight, revealed that beginning April 19 at 08:00 Coordinated Universal Time (UTC), users who staked Ether (ETH) on their platform would be able to redeem their coins using their BETH holdings at a 1:1 ratio. This announcement comes just hours after Ethereum successfully executed the highly anticipated Shapella hard fork, also known as the Shanghai upgrade.
The Shapella upgrade marks a significant milestone for Ethereum, as it allows the withdrawal of over 18 million ETH staked in the blockchain since late 2020. As a result, Binance’s decision to support Ether staking withdrawals ensures that its users can capitalize on their investments and take full advantage of the latest developments within the Ethereum ecosystem.
Binance has outlined crucial details regarding its newly announced Ether staking withdrawal support. The exchange has cautioned users that once withdrawal requests are submitted, they cannot be canceled. Additionally, the initial withdrawal process is expected to be slow, taking anywhere from 15 days to several weeks for completion.
As the redeemed Ether lands in users’ spot wallets, Binance has also informed users that any BETH tokens locked in pending ETH withdrawal requests will not be eligible for staking rewards. It is essential to note that BETH is a wrapped token issued by Binance, pegged 1:1 to ETH on the Ethereum blockchain.
The extended withdrawal time frame underscores the complexity of the process as Binance and the Ethereum network work to accommodate the Shapella upgrade’s significant changes.
Users Can Check The Updated ETH Distribution Rate
The expected distribution date for redeemed ETH will be displayed before users confirm their withdrawal requests, with the most updated distribution date available at Staking History.
The exchange explained that due to Ethereum network processing limitations, there would be a daily redemption quota for each user. This quota is subject to change, and users can expect their redeemed ETH to be returned to their Spot wallets once their withdrawal requests have been fully processed.
The daily ETH redemption quota has been implemented in light of the Ethereum network’s limitations, ensuring a smoother experience for all users.
As an alternative, users can choose to sell their BETH on the spot market, enjoying zero maker fees on BETH/ETH and BETH/USDT spot trading pairs. This promotional offer will remain valid until May 10, 2023, at 12:00 (UTC).
Following the completion of Ethereum’s highly anticipated Shanghai upgrade, Ether holders started withdrawing their tokens from the $231 billion blockchain. Despite these withdrawals, Ether’s price remained steady, and analysts confirmed that the withdrawn amounts were within expectations.
By noon in Hong Kong, over 53,320 Ether (worth approximately $102 million) had been withdrawn, with 558,4420 Ether held by 268,820 validators still awaiting withdrawal, according to data from Token Unlocks. The data tracker estimates that withdrawals may reach 105,680 Ether within the next 12 hours. Interestingly, about 3,000 Ether were staked in the network following the upgrade.
