- Binance warned its customers that withdrawal requests once filed cannot be reversed.
- Before confirming withdrawal requests, customers will be given the estimated date.
Users who staked ether (ETH) on Binance may now redeem their coins using their BETH holdings at a 1:1 ratio beginning on April 19 at 08:00 UTC, the exchange stated on Thursday.
The Shapella hard fork, also known as the Shanghai upgrade, was executed on the Ethereum blockchain recently, allowing the release of more than 18 million ETH staked in the network since late 2020. Binance warned its customers that withdrawal requests once filed cannot be reversed and might take anywhere from 15 days to several weeks to complete.
Redeemed ether will be sent to the user’s spot wallet, and BETH tokens that are currently tied up in ETH withdrawal requests will not earn staking incentives. Binance Ether (BETH) is a wrapped token produced on the Ethereum blockchain that is 1:1 backed by ETH.
Daily Redemption Quotation
Before confirming withdrawal requests, customers will be given the estimated distribution date of redeemed ETH. Binance has announced that users may see the most recent date of ETH distribution at Staking History.
Taking into account the processing restrictions of the Ethereum network, the exchange said that there would be a daily redemption quotation for each user, subject to change.
After the long-awaited Shanghai upgrade to Ethereum’s blockchain, the native token ether (ETH) has stayed mostly unchanged. The update finalized Ethereum’s switch to a proof-of-stake network by making the ETH that had been staked until then withdrawable.
Users stake ETH with the network to validate on-chain transactions and are rewarded with newly produced ETH for their participation, making the transition to proof of stake crucial.
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