Coinbase COIN will allow users to unstake their Ethereum ETH/USD 24 hours after the Shapella fork is activated on the Ethereum mainnet.
What Happened: In a tweet on Wednesday, the exchange said that it anticipates that demand for unstaking will be high soon after the upgrade and “it may take the protocol weeks to months to process unstaking requests.”
Shapella upgrade, the combination of upcoming Shanghai and Capella upgrades, gives users the flexibility to unstake their ETH.
According to Coinbase, Shapella makes the Ethereum Merge even more secure and efficient for stakeholders.
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Validators seeking to withdraw their funds must join the exit queue. To protect the network stability, Ethereum developers have implemented a churn limit of 57,600 withdrawals per day. To avoid a mass exodus, validators may have to wait an extended period (weeks or months) to complete the withdrawal process.
“Since the Ethereum protocol controls the unstaking process and we’re simply the conduit, we can’t share an exact waiting period when you request to unstake,” Coinbase tweeted.
Price Action: At the time of writing, ETH was trading at $1,656, down 3.50% in the last 24 hours, according to Benzinga Pro.
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This article has been originally published at: https://www.benzinga.com/markets/cryptocurrency/23/03/31373569/coinbase-says-ethereum-unstaking-could-take-months-as-shapella-upgrade-draws-near?SNAPI