Binance has announced that it will support the Shanghai upgrade, which will allow staked ETH withdrawals. According to a new announcement, Binance plans to delay ETH withdrawals like Lido Finance.
Binance updates dates for Shanghai upgrade
Binance, one of the platforms where large amounts of ETH are staked for PoS Ethereum, announced that it will support Shanghai and Capella (Shapella) upgrades. However, the ETH withdrawals that will be possible with Shanghai are being delayed. Binance plans to delay withdrawals by ‘one week’ after the rally scheduled for April 12.
In the official announcement on March 17, Binance announced that it will support the Shapella upgrade and will begin withdrawals a week after the upgrade is complete. As a result, it is postponing withdrawals of ETH staked like Lido Finance on Binance.
Due to the high demand for withdrawals during the Shanghai upgrade and the lack of Ethereum network capacity, ETH staking withdrawals may take some time. Stating that there is high demand, Binance shared that there is a long queue of users who want to withdraw ETH.
Lido Finance has decided to postpone withdrawals until May.
Lido Finance, the largest Ethereum liquid staking platform, also announced this week that the withdrawal of Lido staked ETH (stETH) will likely be delayed until May. Although Binance has delayed it for a week, Lido will only start withdrawals after all pending audits of Lido V2 codes have been successfully completed. As a result, stETH pulls on the mainnet are unlikely to occur until mid-May.
How about Ethereum (ETH)? Can April 12 see the sell off?
Ethereum price is trading at $1,736.63, up nearly 5% in the last 24 hours amid the broad market-wide recovery. He’s been keeping his earnings over 10% since last week.
The highly anticipated Shanghai upgrade for Ethereum will kick off in the coming weeks, raising questions about the price performance of the world’s second-largest cryptocurrency. Those who joined stake pools with “Merge” last year will finally be allowed to withdraw their staked ETH that they have been holding since the start of the Beacon Chain. When ETH staking pools opened in December 2020, the price of ETH was trading between $400 and $700.
Given its current price of $1,750, many traders may prefer to take profits quickly. cryptocoin.com We have included the report prepared by Binance on this subject in this article.
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