- Ethereum 2.0 stakers on Binance will be able to request withdrawals from April 19
- Binance has warned of delays of up to two weeks before withdrawals are honored
- Ethereum’s price has boomed 10% since the Shapella upgrade
Binance will give Ethereum stakers the chance to withdraw their ETH on April 19, although the platform has warned that it could take up to two weeks for rewards to arrive. The news will be bittersweet for stakers who will want to take advantage of the current surge in Ethereum price, which has yet to see the sell volume many predicted would follow this week’s upgrade. However, this is probably because no Ethereum stakers have actually received their ETH rewards yet, so the full impact of the release of the rewards is yet to be seen.
15-day Wait For Stakers
Binance revealed its plans yesterday following the successful Shapella upgrade on Wednesday, announcing that Ethereum 2.0 staking participants will be able to redeem ETH starting from Wednesday 19th, although it warned that rewards will not be immediately available:
Initially, it may take 15 days to several weeks before users’ ETH withdrawal requests can be fully processed. The time it takes to process ETH withdrawal requests is determined by the overall amount of ETH withdrawals requested by participants, as well as the Ethereum network.
Stakers will see the estimated arrival time of their ETH before they confirm the withdrawal, giving them an idea of how long the wait will be. Given that demand is expected to be high at the start these delays could be significant in the first few days.
ETH Flood Fails to Appear
Ethereum’s price has surged more than 10% in 24 hours since the Shapella upgrade went through, with the predictions of a flood of fresh ETH dumping the price proving unfounded. This is a false narrative, however, given the fact that no one has received their staked ETH yet. This means that the market is yet to see the impact of the staking rewards being handed out, and next week might be the start of the proper test.