Users of one of the most popular cryptocurrency exchanges globally that offer Ethereum (ETH) staking, Coinbase, have learnt that unstaking these tokens might take longer than initially expected. In this article, we’ll discuss everything you need to know about Coinbase ETH unstaking and the recent developments around it.
Coinbase to Process ETH Unstaking Requests 24 Hours After Shanghai Upgrade
Coinbase recently announced that it will process ETH unstaking requests within 24 hours after the Shanghai upgrade. The Shanghai upgrade is a major network upgrade for Ethereum that will improve the network’s scalability and efficiency. This upgrade is expected to happen in April.
The Exit Queue
To maintain network security and prevent mass withdrawals from destabilising the system, ETH developers have implemented measures that limit the number of validators exiting the network. Validators are required to join an exit queue and the number of users exiting is controlled through a churn limit.
After joining the exit queue, validators enter a withdrawal period which can last for several weeks or even months. However, those who wish to withdraw all their staked funds may face a longer waiting period as Ethereum developers have set a daily limit of 57,600 withdrawals per day.
Lido to Wait Until Mid-May for Staked ETH Withdrawals
While Coinbase ETH unstaking requests will be processed within 24 hours, staking platform Lido has decided to wait until mid-May to initiate staked ETH withdrawals following the completion of on-chain code audits to ensure user safety. Lido stated that the audits were necessary to ensure that the staked ETH is safe and secure for withdrawal. The company plans to gradually increase withdrawal limits as the audits progress, but it has not provided an exact timeline for full withdrawal capabilities.
Shapella Fork Completed on Goerli Public Testnet
Ethereum developer Tim Beiko announced yesterday that the Shapella fork had taken place on the Goerli public testnet. Goerli is the last dress rehearsal before Shapella goes live on the main Ethereum network, enabling withdrawals of staked ETH. The Shapella upgrade is a critical network upgrade for Ethereum, and it’s expected to improve the network’s efficiency and scalability along with making it possible for users to withdraw their staked ETH.