Cryptocurrency exchange Coinbase will begin accepting orders to withdraw Ethereum (ETH) from staking within 24 hours after the activation of the Shanghai and Capella updates, collectively known as Shapella, on the network.
5/ If you’d like to unstake, Coinbase will begin taking unstaking requests about 24 hours after the upgrade completes. All unstaking requests are processed on-chain, and we’ll pass the unstaked funds and staking rewards to you once released by the Ethereum protocol.
— Coinbase (@coinbase) March 15, 2023
“Although [хардфорк] Merge switched the Ethereum network from Proof-of-Work to Proof-of-Stake in September 2022, users have not yet been able to unstake ETH,” the company recalled.
A similar opportunity will provide an upgrade to Shanghai, scheduled for around mid-April. On March 14, Ethereum developers activated Shapella on the Goerli testnet, which was the final check for updates.
Coinbase noted that no action will be required from users during the upcoming forks. They will still be able to stake assets at up to 6% per annum.
4/ There’s no need to unstake – you can continue staking your ETH and earning up to 6.0% APY. No action is required and your assets will be safe and secure during the upgrade.
— Coinbase (@coinbase) March 15, 2023
The exchange will begin accepting applications for the withdrawal of cryptocurrency within a day after the hard fork. However, the Coinbase team expects that a queue may form on the network.
“Because the process of withdrawing from staking is controlled by the Ethereum protocol, and we are just a channel, we are not able to accurately indicate the waiting period. We believe that immediately after the update, demand will be high, and it may take weeks or months for the network to process requests,” the exchange specialists noted.
7/ We anticipate that demand for unstaking will be high soon after the upgrade and it may take the protocol weeks to months process unstaking requests.
— Coinbase (@coinbase) March 15, 2023
Recall platform team liquid staking Lido Finance has warned that it will open stETH redemption for the “original” cryptocurrency in mid-May.
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