Binance has announced that users participating in ETH 2.0 Staking will soon be able to redeem their BETH holdings for ETH on a 1:1 basis. The redemption will be available from 2023-04-19 08:00 (UTC) on the ETH 2.0 Staking page.
While the redemption process is a welcome move for Binance users, the exchange has cautioned that users cannot cancel their ETH withdrawal requests after submission. Additionally, it may take anywhere from 15 days to several weeks before users’ ETH withdrawal requests are fully processed due to the overall amount of ETH withdrawals requested by participants, as well as the Ethereum network’s processing limitations.
Binance has set a daily ETH redemption quota for each user due to processing limitations on the Ethereum network, and the daily quota is subject to change. The expected distribution date of redeemed ETH will be shown before users confirm their withdrawal requests, and users can refer to the most updated ETH distribution date at Staking History.
It’s important to note that the BETH tokens locked in pending ETH withdrawal requests will not generate any ETH 2.0 Staking rewards. Binance is also offering a promotion that allows users to sell BETH on the spot market and enjoy zero maker fees on the BETH/ETH and BETH/USDT spot trading pairs. The promotion will run until 2023-05-10 12:00 (UTC).
Binance’s announcement comes as ETH 2.0 Staking continues to gain popularity among cryptocurrency users. ETH 2.0 is the next generation of Ethereum, with a focus on improving scalability, security, and sustainability. Staking involves holding a certain amount of ETH as a validator on the Ethereum network, allowing users to earn rewards for helping to secure the network. Users can continue to participate in ETH 2.0 Staking at any time and earn BETH rewards.
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This article was republished from azcoinnews.com
