- Staked ETH withdrawals are being processed on the Ethereum Goerli testnet ahead of the Shanghai upgrade.
- Coinbase has said that it expects demand for ETH staking to increase following the Shanghai upgrade.
- The exchange has however said that unstaking requests for ETH can take weeks or months to process.
Ethereum The developers set a target date of April 12, 2023 for the long-awaited Shanghai upgrade during the “All Core Developers Execution Layer #157 Call” held on Thursday. Staked ETH withdrawals have already started on the Ethereum Goerly testnet ahead of the Shanghai upgrade.
The upcoming Shanghai upgrade has generated a lot of anticipation among ETH stakers, who have ETH tokens locked up since Ethereum announced plans for it. merge upgrade Which made it move from Proof-of-Work (PoW) blockchain to Proof-of-Stake (PoS) blockchain. because of this reason, coinbase It is expected that the volatile demand for ETH will be through the roof once the Shanghai upgrade goes live.
random requests to take weeks or months
Coinbase has said that ETH staking requests on its platform can take weeks or months to process. This is mainly because Coinbase will not be the one handling the staking process. Staking requests are processed on-chain, and Coinbase will only act as a channel to pass unstaked ETH to users after the token is issued by the protocol.
7/ We anticipate that demand for unstaking will be high immediately after the upgrade and that the protocol for processing unstaking requests may take weeks to months.
— Coinbase (@coinbase) March 15, 2023
The merge upgrade allowed staking providers such as Coinbase Allows Users To Stake ETH Without the ability to withdraw the tokens staked on their platform.
After April 12, those who have staked ETH on platforms such as Coinbase will be able to withdraw staked Ether as well as continue to stake more ETH without the indefinite lockup period.
All Coinbase users will be able to unstake their ETH once the Shanghai upgrade goes live.