The long-awaited Ethereum Shanghai upgrade, which has excited Ethereum (ETH) investors, has finally taken place.
Ethereum (ETH) implemented the Shanghai upgrade earlier today, initiating withdrawals of over 18 million ETH staked on the blockchain since late 2020.
Binance Will Support Ethereum (ETH) Staking Withdrawals From April 19
Binance announced today that users who stake Ethereum (ETH) via the exchange will be able to use their BETH holdings and coins in a 1:1 ratio starting April 19 at 11:00 am.
The announcement came hours after Ethereum implemented the highly anticipated Shapella hard fork, also known as the Shanghai upgrade, initiating withdrawals of over 18 million ETH deposited on the blockchain since late 2020.
Binance said users' withdrawal requests cannot be canceled once submitted, and the process can be slow at first, requiring more than 15 days to complete.
BETH tokens locked in users' ETH withdrawal requests will not be eligible for staking rewards.
BETH is a token issued by Binance and pegged 1:1 to ETH on the Ethereum blockchain.
“Binance announced that users will be able to see the expected distribution date of ETH before they approve their withdrawal requests. Users can check the latest ETH distribution date from the Staking History,” said Binance.
The exchange added that there will be a daily payment offer for each user, and this is subject to change, taking into account the transaction limitations on the Ethereum network.
*Not investment advice.
