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Binance Allows Withdrawal Option for ETH 2.0 Staking

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Binance made a new announcement to enable the withdrawal option of ETH 2.0 staking.

The aim is to allow ETH 2.0 staking participants to redeem the ETH with their BETH holdings on a 1:1 basis. This was made available on the ETH 2.0 staking page on 19th April at 8: 00 a.m. (UTC).

When Will the Withdrawal Option Be Effective?

According to Binance, the ETH withdrawal option will soon be effective.

At first, it may take 15 days or weeks before the participant’s ETH withdrawal request will be processed fully.

However, the time of the ETH withdrawal request may be determined by the amount of ETH withdrawals the users want and the network.

The crypto exchange found that the distribution date for redeemed ETH shows before participants confirm withdrawal requests.

READ ALSO: CoreDAO Joins Bitget&MEXC to Introduce $200M Ecosystem Fund

Also, Binance stated that due to the limited processes on the ETH network, there will be a daily Ethereum redemption quota for all users.

However, the daily redemption quota is also subject to change.

Ethereum Price Drop

As per reports, after the upgrade, more than 1 million ETH (Ethereum) has been withdrawn.

Ethereum, the largest crypto according to market capitalization lost more than 7%.

Also, smaller tokens like Avalanche and Solano suffered deeply in a broad cryptocurrency retreat.

Moreover, ETH fell under the $2,000 target level. The U.S. equity futures and European stocks dropped after the unyieldingly high UK inflation.

This situation is currently getting users scared of more interest rates lasting for a longer time.

READ ALSO: Chainlink’s LINK Spikes: Can it Reach the $9 Zone

Backstory

The Capella and Shanghai upgrades called Shapella, launched on April 12, 2023, enabled unstacking for the first time after Ethereum staking.

The finalizing of the Shanghai upgrade enabled users who have staked either to withdraw or secure them to validate activities on the blockchain.

According to a reliable source, almost 30mins after the Shanghai upgrade came LIVE, up to 285 withdrawals in the epoch.

READ ALSO: Ethereum Price: The Shanghai Upgrade Impacts The Markets

The source also mentioned 194,408 already processing nearly 5,413 ETH valued at $10 million.

In a live stream, the Ethereum Blockchain co-founder, Vitalik Buterin said “We are at the stage where the fastest and hardest parts of ETH protocols transition are almost over”.

He also said even with some significant matters at hand, necessary things will also be done eventually.

According to Buterin, the next agenda after the upgrade is to make the transactions much cheaper and faster.

 

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