Leading cryptocurrency exchange Binance has made an important announcement regarding the withdrawal of ETH staking.
The exchange said that based on community feedback, it will shorten the processing time for ETH staking withdrawal requests to 5 days starting from 15:00 on May 18 (Vietnam time). This is a significant reduction from the 15-day processing time originally required.
Binance will shorten the processing time for ETH staking withdrawal requests to five days starting May 18, 2023 at 08:00 (UTC). This is a significant reduction in the processing time originally required (ie 15 days). https://t.co/GlppuSQlI3
—— Wu Blockchain (@WuBlockchain) May 11, 2023
In order to better meet the needs of users, Binance stated that it will actively work to further shorten the processing time of ETH Staking withdrawal requests.
The Ethereum network’s Shapella upgrade allowed withdrawals of staked ETH on April 12, marking Ethereum’s final transition to POS.
After the successful upgrade, Binance has enabled pledged ETH withdrawals, and ETH stakers will be able to exchange ETH for their BETH holdings on April 19.
While ETH staking withdrawal processing times have been reduced, Binance claims that the time it takes to fully process a request will depend on the total number of ETH withdrawals required by participants and the Ethereum network, and as such, is subject to change.
However, Binance noted that if requested, no further announcement will be made regarding changes to the processing time for ETH staking withdrawals.
At the end of April, Binance renamed ETH 2.0 Staking to ETH Staking and introduced Wrapped Beacon ETH (WBETH) on the ETH Staking service.
WBETH represents liquid staking tokens, where 1 WBETH represents 1 BETH, and the total staking rewards accumulated by BETH tokens on ETH staking will allow users to participate in DeFi projects other than Binance.
Changpeng Zhao thinks this is good for ETH
Binance CEO Changpeng Zhao (CZ) shared his thoughts on the historical milestone Ethereum reached the day before: the amount of ETH locked in the staking contract.
As blockchain data research firm Nansen reported on May 9, the number of ETH tokens locked and pledged on the Ethereum beacon chain has peaked at 19,375,242. The company emphasized that all of these coins have been locked and will not be in circulation for an extended period of time.
The fact that the all-time high locked coin shows that since the recent upgrade, investors have developed a strong interest in the PoS algorithm adopted by Ethereum instead of the PoW algorithm.
CZ seems to think this is good for ETH.
“You know what’s coming next?” he tweeted, as if he expected the price of ethereum to start rising.
This usually occurs when the circulating supply of a cryptocurrency dwindles, usually through a “burn” process, which also essentially keeps the coins in lock-up.
Lock ETH at ATH. Do you know what’s next? https://t.co/3xS8OOCfT9
— CZ Binance (@cz_binance) May 11, 2023
On May 6, ethereum, the second-largest cryptocurrency, rallied to local highs, regaining $2,000 reached in mid-April and before May 31 last year. Since last Saturday, however, ETH has lost 9.2% to trade at $1,821.
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