Ethereum

April

<p>Ethereum&#8217;s much-anticipated Shanghai upgrade was successfully activated a few hours ago. Triggered around 22:27 UTC and finalized by 22:42 UTC, the upgrade now allows for the withdrawal of staked Ether. Data from <a href="http://beaconcha.in/" rel="nofollow noopener" target="_blank">beaconcha.in</a> showed that within 30 minutes of the upgrade&#8217;s activation, approximately 285 withdrawals, involving around 5,413 ETH valued at $10 million, were processed. As of press time, nearly 783.95k Ethereum tokens worth $150 billion were pending withdrawal.</p>



<h2 id="ethereum-8217-s-shanghai-upgrade-goes-live-opening-the-floodgates-for-withdrawals">Ethereum&#8217;s Shanghai Upgrade goes live, opening the floodgates for withdrawals</h2>



<p>On Thursday, Binance <a href="https://go.skimresources.com/?id=100652X1574425&amp;isjs=1&amp;jv=15.3.0-stackpath&amp;sref=https%3A%2F%2Fwww.coindesk.com%2Fmarkets%2F2023%2F04%2F13%2Fbinance-to-support-ether-staking-withdrawals-from-april-19%2F&amp;url=https%3A%2F%2Fwww.binance.com%2Fen%2Fsupport%2Fannouncement%2Fupdates-on-binance-eth-2-0-staking-withdrawals-a03bc67df117414cbfedf016f6611f9e&amp;xs=1&amp;xtz=-60&amp;xuuid=8be85d4187387e1ab1d3bce1b635eed8&amp;xjsf=other_click__contextmenu%20%5B2%5D" rel="nofollow noopener" target="_blank">announced </a>that users who staked Ether (ETH) through the exchange could begin redeeming coins with their BETH holdings at a 1:1 ratio starting April 19, 08:00 coordinated universal time (UTC).</p>



<p>However, Binance cautioned that once submitted, withdrawal requests cannot be canceled, and the process might initially be slow, taking anywhere from 15 days to several weeks for completion. </p>



<p>Users will receive the redeemed Ether in their spot wallets, but BETH tokens locked in pending ETH withdrawal requests will not be eligible for staking rewards. BETH is a wrapped token issued by Binance and pegged 1:1 to ETH on the Ethereum blockchain.</p>



<h2 id="binance-announces-eth-redemption-process-following-ethereum-8217-s-shanghai-upgrade">Binance announces ETH redemption process following Ethereum&#8217;s Shanghai upgrade</h2>



<p>Once withdrawal requests are fully processed, the redeemed ETH will be returned to users&#8217; spot wallets. However, it is essential to note that BETH tokens locked in pending ETH withdrawal requests will not generate any ETH 2.0 staking rewards.</p>



<p>Interestingly, the Shanghai upgrade has had little impact on ETH&#8217;s price. At press time, it had risen by a 5.34% over the past 4 hours and was trading at $1,995, according to CoinMarketCap.</p>



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Binance announces ETH redemptions for BETH holdings after Shapella Fork upgrade

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