Coinbase to process ETH unstaking requests 24 hours after Shanghai update
Quick Take
- Coinbase said it will begin to take unstaking requests a day after the Shanghai-Capella update to the Ethereum network goes live.
- Once the requests are processed on-chain, users will get all their staked ETH back and their staking rewards, according to Coinbase.
- It remains to be seen how long it will take the Ethereum network to process unstaking requests.
Coinbase will begin to take unstaking requests around 24 hours after the Shanghai-Capella upgrade to the Ethereum network that will allow users to unstake ETH goes live, the exchange said on Twitter.
However, that doesn’t mean users will be able to unstake their ETH right away because “the Ethereum protocol controls the unstaking process and we’re simply the conduit,” Coinbase, said, adding “we can’t share an exact waiting period when you request to unstake.”
Coinbase currently provides a 6.0% APY return on staked ETH.
Once unstaking requests are processed on-chain and released by the Ethereum protocol, Coinbase confirmed users will receive all their staked ETH, in addition to staking rewards accrued.
While Coinbase will process withdrawal requests just a day after the Ethereum Shanghai-Capella update, staking platform Lido said it will wait until mid-May to initiate staked ETH withdrawals following the completion of on-chain code audits to ensure user safety.
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