How to withdraw Ethereum from staking?

Main

• After activating the Shapella update on the main Ethereum network, users were able to withdraw the cryptocurrency from staking.
• Lido, Rocket Pool, as well as the Binance platform offer the ability to lock ETH for income. Withdrawing funds from these services is simple and intuitive – it only takes a few steps from the user.
• The MetaMask web3 wallet allows you to block and withdraw ETH from staking by interacting with Lido and Rocket Pool.

What is Ethereum staking?

Staking (from the English stake – “share”) is a way to receive passive income from coins that work on the Proof-of-Stake (PoS) consensus algorithm and its varieties.

Staking in simple terms is participation in the confirmation of transactions and the production of new blockchain blocks using cryptocurrency. It appears to be a profitable and relatively secure alternative to simply storing digital assets in a wallet.

Ethereum staking is the blocking of a certain amount of ether (ETH) to support the security and operation of the Ethereum blockchain. This process became possible with the transition of the second cryptocurrency by capitalization from Proof of Work to PoS, which ended with the activation of The Merge in September 2022.

In December 2020, the developers launched the Beacon Chain signaling network. This PoS blockchain worked in parallel with the Ethereum mainnet for almost two years, but there was no economic activity in it except for the staking of the ETH cryptocurrency. The Merge is actually a merger of two chains.

Full-scale transition to PoS is the most important and difficult upgrade in the history of the blockchain.

What happened after the Shapella update?

In April 2023, Ethereum developers activated the Shapella update on the mainnet of the project. Users got the opportunity to withdraw cryptocurrency from staking.

For almost two years, from December 2020 to September 2022, it was only possible to deposit funds for staking both independently (it takes 32 ETH to run a validator node) and through services like Lido.

Through Shapella, developers have also reduced gas costs when performing certain types of transactions, optimized data storage in the blockchain, implemented a number of related EVM improvements and introduced new cryptographic primitives.

Net inflow of coins into staking since the activation of Shapella exceeded 1.5 million ETH.

How to withdraw ETH from Lido?

Lido Finance is a service for liquid staking of cryptocurrencies.

The protocol allows you to deposit coins into a staking contract and receive an equal amount of “derivative” tokens in return. The latter can be used for various financial transactions – for example, deposit them into liquidity pools and thus increase the return on investment.

The most popular asset among Lido users is ETH. In return, you can get the stETH token, which, in turn, is supported by many popular DEXs.

On May 15, 2023, Lido developers deployed the second version of the protocol. Update received 100% support communities.

The main points in the upgrade to Lido v2 were:

• the ability to withdraw Ethereum from staking by burning stETH in a ratio of 1:1;
• the launch of a staking router (Staking Router), which is designed to diversify the set of validators and promote further decentralization.

The withdrawal option allows users to withdraw their stETH and wstETH. Holders of the first token in most cases receive the “original” ether in a ratio of 1:1.

Instead of wstETH, users are credited with ETH based on the wstETH/stETH exchange rate. Before that, “wrapped” tokens are automatically “unwrapped”

The withdrawal process is quite simple – it consists of two steps:

1. Request: after it, stETH and wstETH are blocked. To complete the operation, the required amount of ETH is supplied, and the corresponding number of “liquid” tokens is burned. After that, it becomes possible to “brand” the ether. This stage takes 1-5 days.
2. stigma coins available after the processing of the withdrawal request is completed.

After connecting a Web3 wallet like MetaMask, the stETH balance will be displayed on the Ethereum network. In the field below, you should specify the amount you need or click Max if you need to withdraw all funds from staking.

The same page will also display:

• approximate waiting time (usually 1-2 days, but can be up to 5 days);
• the total amount of ETH;
• maximum transaction cost.

After clicking Request withdrawal in a pop-up window, MetaMask will offer to sign the transaction.

By pressing Sign, a new pop-up window will appear, which will indicate the cost of gas for the operation and the estimated time for its implementation.

After confirming the transaction, the platform will inform you about the successful sending of the withdrawal request and offer to switch to the Claim tab.

The Claim tab will display the withdrawal request and its status.

In our case, after about a day, the yellow inscription Pending changed to green Ready to claim. The blue Claim button was activated when the amount was ticked.

After clicking on it, a MetaMask pop-up window opened asking you to confirm the operation.

A few seconds after clicking Confirm, the funds were in the wallet.

How to withdraw ETH from Rocket Pool?

To withdraw rETH from Rocket Pool, click on the double arrow icon on the project website. Thus, the direction will change – from staking ETH to the withdrawal of a “liquid” token.

After that, enter the required amount of rETH and click Unstake. The MetaMask transaction confirmation window will appear. Upon completion of the operation, the corresponding amount of ETH will go to the wallet.

How to withdraw ETH from staking on Binance?

Binance is also a popular Ethereum staking tool.

The centralized platform uses a derivative BETH token. He represents “tokenized representation” of staked ETH.

The “liquid” BETH token is an analogue of the above-mentioned stETH or rETH. It can also be bought on the open market.

Binance regularly distributes staking rewards to BETH holders. Funds are credited to the spot account of the platform.

Users can redeem their BETH by receiving “original Ether” at a 1:1 ratio. To withdraw ETH from staking, you need to go to the relevant section and click redeem.

The ETH 2.0 Redemption window will appear, in the field of which you need to enter the amount of BETH to be redeemed.

Distribute will show the corresponding amount of ETH to receive, and the Summary item will show the duration of the operation (5 days).

After clicking Redeem, the platform will ask you to confirm that the user is familiar with the information about the conditions for providing staking services.

By pressing Confirm, the message “Redemption Successful” will appear. The amount of BETH redeemed and the date of receipt of ETH will also be indicated.

What is WBETH?

Wrapped Beacon ETH (WBETH) is a “wrapped” version of BETH. Its hallmark is growth in value rather than quantity as staking rewards accumulate.

The chart below illustrates the systematic change in the WBETH/BETH rate.

You can convert BETH to WBETH and vice versa at relevant page.

The “wrapped” version of the liquid token can be transferred to a non-custodial wallet using the Ethereum network or BNB Chain. The value of WBETH will continue to rise despite being held outside the Binance platform.

In addition, the “wrapped” token can be used in various DeFi applications to generate additional income.

Main

• After activating the Shapella update on the main Ethereum network, users were able to withdraw the cryptocurrency from staking.
• Lido, Rocket Pool, as well as the Binance platform offer the ability to lock ETH for income. Withdrawing funds from these services is simple and intuitive – it only takes a few steps from the user.
• The MetaMask web3 wallet allows you to block and withdraw ETH from staking by interacting with Lido and Rocket Pool.

What is Ethereum staking?

Staking (from the English stake – “share”) is a way to receive passive income from coins that work on the Proof-of-Stake (PoS) consensus algorithm and its varieties.

Staking in simple terms is participation in the confirmation of transactions and the production of new blockchain blocks using cryptocurrency. It appears to be a profitable and relatively secure alternative to simply storing digital assets in a wallet.

Ethereum staking is the blocking of a certain amount of ether (ETH) to support the security and operation of the Ethereum blockchain. This process became possible with the transition of the second cryptocurrency by capitalization from Proof of Work to PoS, which ended with the activation of The Merge in September 2022.

In December 2020, the developers launched the Beacon Chain signaling network. This PoS blockchain worked in parallel with the Ethereum mainnet for almost two years, but there was no economic activity in it except for the staking of the ETH cryptocurrency. The Merge is actually a merger of two chains.

Full-scale transition to PoS is the most important and difficult upgrade in the history of the blockchain.

What happened after the Shapella update?

In April 2023, Ethereum developers activated the Shapella update on the mainnet of the project. Users got the opportunity to withdraw cryptocurrency from staking.

For almost two years, from December 2020 to September 2022, it was only possible to deposit funds for staking both independently (it takes 32 ETH to run a validator node) and through services like Lido.

Through Shapella, developers have also reduced gas costs when performing certain types of transactions, optimized data storage in the blockchain, implemented a number of related EVM improvements and introduced new cryptographic primitives.

Net inflow of coins into staking since the activation of Shapella exceeded 1.5 million ETH.

How to withdraw ETH from Lido?

Lido Finance is a service for liquid staking of cryptocurrencies.

The protocol allows you to deposit coins into a staking contract and receive an equal amount of “derivative” tokens in return. The latter can be used for various financial transactions – for example, deposit them into liquidity pools and thus increase the return on investment.

The most popular asset among Lido users is ETH. In return, you can get the stETH token, which, in turn, is supported by many popular DEXs.

On May 15, 2023, Lido developers deployed the second version of the protocol. Update received 100% support communities.

The main points in the upgrade to Lido v2 were:

• the ability to withdraw Ethereum from staking by burning stETH in a ratio of 1:1;
• the launch of a staking router (Staking Router), which is designed to diversify the set of validators and promote further decentralization.

The withdrawal option allows users to withdraw their stETH and wstETH. Holders of the first token in most cases receive the “original” ether in a ratio of 1:1.

Instead of wstETH, users are credited with ETH based on the wstETH/stETH exchange rate. Before that, “wrapped” tokens are automatically “unwrapped”

The withdrawal process is quite simple – it consists of two steps:

1. Request: after it, stETH and wstETH are blocked. To complete the operation, the required amount of ETH is supplied, and the corresponding number of “liquid” tokens is burned. After that, it becomes possible to “brand” the ether. This stage takes 1-5 days.
2. stigma coins available after the processing of the withdrawal request is completed.

After connecting a Web3 wallet like MetaMask, the stETH balance will be displayed on the Ethereum network. In the field below, you should specify the amount you need or click Max if you need to withdraw all funds from staking.

The same page will also display:

• approximate waiting time (usually 1-2 days, but can be up to 5 days);
• the total amount of ETH;
• maximum transaction cost.

After clicking Request withdrawal in a pop-up window, MetaMask will offer to sign the transaction.

By pressing Sign, a new pop-up window will appear, which will indicate the cost of gas for the operation and the estimated time for its implementation.

After confirming the transaction, the platform will inform you about the successful sending of the withdrawal request and offer to switch to the Claim tab.

The Claim tab will display the withdrawal request and its status.

In our case, after about a day, the yellow inscription Pending changed to green Ready to claim. The blue Claim button was activated when the amount was ticked.

After clicking on it, a MetaMask pop-up window opened asking you to confirm the operation.

A few seconds after clicking Confirm, the funds were in the wallet.

How to withdraw ETH from Rocket Pool?

To withdraw rETH from Rocket Pool, click on the double arrow icon on the project website. Thus, the direction will change – from staking ETH to the withdrawal of a “liquid” token.

After that, enter the required amount of rETH and click Unstake. The MetaMask transaction confirmation window will appear. Upon completion of the operation, the corresponding amount of ETH will go to the wallet.

How to withdraw ETH from staking on Binance?

Binance is also a popular Ethereum staking tool.

The centralized platform uses a derivative BETH token. He represents “tokenized representation” of staked ETH.

The “liquid” BETH token is an analogue of the above-mentioned stETH or rETH. It can also be bought on the open market.

Binance regularly distributes staking rewards to BETH holders. Funds are credited to the spot account of the platform.

Users can redeem their BETH by receiving “original Ether” at a 1:1 ratio. To withdraw ETH from staking, you need to go to the relevant section and click redeem.

The ETH 2.0 Redemption window will appear, in the field of which you need to enter the amount of BETH to be redeemed.

Distribute will show the corresponding amount of ETH to receive, and the Summary item will show the duration of the operation (5 days).

After clicking Redeem, the platform will ask you to confirm that the user is familiar with the information about the conditions for providing staking services.

By pressing Confirm, the message “Redemption Successful” will appear. The amount of BETH redeemed and the date of receipt of ETH will also be indicated.

What is WBETH?

Wrapped Beacon ETH (WBETH) is a “wrapped” version of BETH. Its hallmark is growth in value rather than quantity as staking rewards accumulate.

The chart below illustrates the systematic change in the WBETH/BETH rate.

You can convert BETH to WBETH and vice versa at relevant page.

The “wrapped” version of the liquid token can be transferred to a non-custodial wallet using the Ethereum network or BNB Chain. The value of WBETH will continue to rise despite being held outside the Binance platform.

In addition, the “wrapped” token can be used in various DeFi applications to generate additional income.