Cryptocurrency exchange Binance has officially announced its support for Shapella, the next big upgrade in Ethereum (ETH).
Cryptocurrency Exchange Binance Will Support Ethereum (ETH) Shapella Upgrade Under These Terms
According to the latest data, this should happen at the blockchain phase of 194,048, which corresponds to April 12. The event will take place in accordance with the exchange rules, the list of which has been announced by Binance.
Therefore, at 10:20 am, seven minutes before the approximate upgrade date, Binance will suspend the withdrawal of both ETH and other tokens from the ERC-20 network. However, trading of these tokens will not be suspended.
The reopening of deposits and withdrawals of ERC-20 cryptocurrencies will take place without notice. It is particularly important that Binance has increased the minimum number of unlocks for deposits on the Ethereum (ETH) network from the current 12 blocks to 64.
Ethereum, Shanghai and Shapella
The Shapella upgrade consists of the merging of two events, Shanghai and Shapella. Both involve releasing Ethereum (ETH) from staking, the only difference is the tiers.
So Shanghai is responsible for the execution layer (EL) and Shapella for the consensus layer (CL). As Shapella approached, the Ethereum Foundation doubled the bug bounty to $500,000.
The upgrade is known to release an estimated 2.9 million ETH. However, exactly how many tokens will exit staking and what will happen to those millions next remains a big question mark.
Continuing its recent rise, Ethereum (ETH) was trading at $ 1,815 at the time of writing.
*Not investment advice.