Coinbase expects high demand for ETH unstaking with Shanghai upgrade
Coinbase Expects High Demand For ETH Unstaking With Shanghai Upgrade
Coinbase recently announced the implementation of a Shanghai-style upgrade, enabling Ethereum (ETH) staking and unstaking. The upgrade is expected to significantly increase the demand for ETH unstaking; however, Coinbase cautions customers that requests for unstaking may be quite slow. That’s because Coinbase is not in charge of the unstaking process – it’s handled by the Ethereum blockchain protocol. To simplify the process, Coinbase states that customers will have to “wait at least one Ethereum block cycle” before their unstaking request is processed. Coinbase notes that the block cycle can take anywhere from one to three weeks, depending on the level of staked ETH. The upgrade also brings improvements to Ethereum clients, and allows Ethereum users to access more powerful computing abilities. This will help the scaling of Ethereum, and allow users to complete more transactions faster and more easily. To recap, Coinbase recently announced the implementation of a Shanghai-style upgrade, which brings with it significant improvement to Ethereum clients. Coinbase also notes that customers may experience a slow unstaking process, as Coinbase is not in charge of the unstaking process. Customers will have to ‘wait at least one Ethereum block cycle’, which can take anywhere from one to three weeks, before their unstaking request is processed. For more information on the Shanghai-style upgrade and its implications for Ethereum staking and unstaking, please visit Coinbase’s website.