Ethereum's Shanghai Upgrade is only about 2 weeks away, but not everyone knows about the actual time ETH stakers are allowed to withdraw assets.
The Shanghai upgrade (also known as Shapella) is set to take place at 05:27:35 AM on April 13 (Vietnam time), at epoch 194048, according to an announcement from the development team Ethereum.
So when exactly from Shanghai completion will users be able to withdraw their ETH?
As of press time, the amount of Ether locked in Ethereum staking contracts has surpassed 17.8 million ETH, worth $32 billion.
ETH staking methods
The answer will depend on how users have chosen to stake ETH since 2020 until now.
Accordingly, there are two most popular ways: becoming a validator directly or through intermediary platforms providing staking services.
The reason is because at the time of opening the ETH 2.0 staking contract in December 2020, to become a validator for Ethereum, the staking person must agree to lock 32 ETH (equivalent to 58,000 USD currently) into the Beacon Chain. However, not everyone has enough 32 ETH to do this, so staking solution projects started to appear.
The most prominent in the group of staking solutions is definitely Lido Finance (LDO), which allows users to stake any amount of ETH they have, the protocol will pool the ETH with others and then lock them into the blockchain to participate Validate transactions like other validators.
Another way to participate in staking is through exchanges that support this feature such as Binance or Coinbase.
Time to pay ETH staking after Shanghai
For independent validators
In the case of independent validators, Shanghai will automatically unlock assets after the upgrade is complete. However, staking users will have two options to withdraw assets with a few notes as follows:
- Withdraw rewards only:
Is the excess profit exceeding the 32 ETH they initially staked, this portion will be withdrawn immediately.
- Withdraw all ETH:
This means the validator closes the node and withdraws all capital and interest from the blockchain. This option will take a long time because the validator needs to send a notification to the blockchain and enter the withdrawal queue, the unlocked ETH will also be paid gradually.
Although just withdrawing the bonus will be faster, it will still depend on the number of withdrawal requests at a particular time. There will only be 16 reward withdrawal requests per slot, each slot after 12 seconds. Therefore, withdrawals can still take several hours.
For those who stake through an intermediary
Those participating in staking through intermediary institutions will need to check with the project regarding the ETH unlock schedule as each platform will have a different time frame.
Coinbase
Earlier this month, Coinbase announced it would process withdrawal requests approximately 24 hours after Shapella is complete. However, the US exchange noted that it cannot guarantee the waiting time for withdrawal requests on Ethereum.
Lido Finance
Lido Finance is the staking protocol with the largest liquidity in the market. The project has announced in advance that those who staked ETH may not be able to get it back immediately, but will wait until the Lido upgrade is deployed in mid-May. The reason given by the project is to ensure protocol passes security tests.
Rocket Pool
The Rocket Pool (RPL) staking protocol has not yet announced when it will unlock ETH for users.
*Original article posted at website Coin68.com
