Coinbase to Offer ETH Unstaking Requests Following Shanghai Upgrade
Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it will start taking unstaking requests around 24 hours after the Ethereum network’s upcoming Shanghai-Capella upgrade. The upgrade will allow users to unstake their Ethereum tokens (ETH), but Coinbase has cautioned that users may not be able to unstake their tokens immediately.
The Ethereum protocol governs the unstaking process, Coinbase clarified in a tweet, adding that it acts as a facilitator. Thus, Coinbase cannot specify a definite waiting period for unstaking requests. Coinbase presently offers a 6.0% APY return on staked ETH, but unstaking requests will only be processed on-chain and released by the Ethereum protocol.
Users to Receive Staked ETH and Rewards
Following the processing of the unstaking requests, Coinbase stated that users will receive all their staked ETH, including staking rewards earned. On the other hand, Lido, a staking platform, will wait until mid-May to allow staked ETH withdrawals after conducting on-chain code audits to guarantee user security.
Coinbase to Begin Processing Withdrawal Requests Post-Upgrade
Coinbase’s announcement indicates that it will initiate the unstaking process only a day after the Ethereum Shanghai-Capella upgrade. Nevertheless, users may face delays in accessing their staked ETH, depending on the speed at which the Ethereum protocol completes the unstaking process.
Source: TheBlock
