Coinbase expects high demand for ETH unstaking with Shanghai upgrade
Coinbase announces that unstaking requests may take weeks to months to process as they are not in charge of ETH unstaking process. Ether (ETH) stakers who have had their holding locked up during the Ethereum Merge event might soon have access to unstaking. Coinbase has announced in a tweet that un Staking requests on their platform may take the protocol weeks to months to process. According to the tweet, they expect a flood of Staking withdrawal requests after the update in the Ethereum network enable the functionality next month. The Ethereum Merge, transitioned the network from proof-of-work (PoW) to proof-of-stake (PoS) in September 2022, but stakers’ holdings remained locked up. This merger created a temporary situation in which staking providers like Coinbase allow users to stake ETH on their platform – but not to withdraw them. Expected to arrive in mid-April, Ethereum's Shapella upgrade will enable users to withdraw their staked ETH, or "unstake" it. ETH holders ...