• Binance announced that users staking ether (ETH) can redeem their coins using their BETH holdings at a 1:1 ratio starting on April 19.
• The Shapella hard fork, also known as the Shanghai upgrade, was executed on the Ethereum blockchain to release more than 18 million ETH staked in the network since late 2020.
• Before confirming withdrawal requests, customers will be given an estimated date and redeemed ether will be sent to the user’s spot wallet.

Binance To Commence Staked ETH Withdrawal from April 19

Binance announced that users who staked ether (ETH) on its platform may now redeem their coins using their BETH holdings at a 1:1 ratio beginning on April 19 at 08:00 UTC. This news comes after the recent Shapella hard fork, also known as the Shanghai upgrade, was executed on the Ethereum blockchain which enabled the release of more than 18 million ETH staked in the network since late 2020.

Daily Redemption Quotation

Before confirming withdrawal requests, customers will be given an estimated date of distribution for redeemed ETH and it may take anywhere from 15 days to several weeks to complete. Redeemed ether will be sent to the user’s spot wallet while BETH tokens that are currently tied up in ETH withdrawal requests will not earn staking incentives. Additionally, Binance warned its customers that withdrawal requests once filed cannot be reversed. Taking into account processing restrictions of Ethereum network, there will be a daily redemption quotation for each user subject to change.

What is BETH?

BETH stands for Binance Ether and is a wrapped token produced on Ethereum blockchain which is 1:1 backed by ETH. It has been created so users may stake with ease without having to transfer funds back and forth between wallets or exchanges manually due to its versatility and convenience when it comes to trading cryptocurrencies through centralized exchanges such as Binance.

The Impact of Shanghai Upgrade

The long-awaited Shanghai upgrade allowed native token ether (ETH) to stay mostly unchanged after it finalized Ethereum’s switch onto proof-of-stake networks by making previously staked ETH withdrawable again. By participating in this process users were rewarded newly produced ETH tokens for validating on-chain transactions leading this transition being imperative for Ethereum’s future development plans and value growth potentials within crypto markets overall.

Conclusion Although not much has changed regarding ETH price following this upgrade yet still it has been necessary step forward towards bigger goals set by developers behind this project while bringing some relief those who had locked their assets with network looking forward getting rewards out it eventually which can now happen thanks aforementioned protocol changes made recently within platform itself allowing them do just so!