Coinbase exchange will start processing unstaking requests 24 hours after the Shanghai-Capella upgrade goes live.
According to Notification On Twitter on the evening of March 15, Coinbase will unlock ETH staking about 24 hours after the Shanghai-Capella upgrade on the Ethereum network takes place successfully.
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
However, users cannot unstake ETH immediately because “the Ethereum network itself controls the process and the exchange is just an intermediary,” Coinbase said, adding that “we cannot determine the exact time.” need to wait for withdrawal processing”.
Currently, the annual return (APY) for ETH staking service on Coinbase is about 6%. After Ethereum opens the withdrawal portal, Coinbase users can claim back their staking ETH as well as their accumulated rewards.
At the same time, Lido Finance – the liquid staking solution that is dominating the entire array, decided to postpone the unstake schedule to mid-May. The reason was given to have more time to check on-chain to ensure safety for users. use.
Yesterday (March 15), the final test of the Shanghai hard fork on the Goerli testnet went smoothly. The Shanghai (or Shapella) upgrade is the next major Ethereum network-wide hard fork following The Merge in September 2022. This is a milestone that the community is looking forward to because it will bring an important adjustment to the world’s second largest cryptocurrency network, which is to unstake a large amount of ETH that is locked in the staking contract.