Unlock Your ETH with Coinbase: Shanghai Upgrade Enables Unstaking

• Coinbase anticipates a high demand for ETH unstaking soon after the Ethereum Merge upgrade.
• Unstaking requests may take weeks or months to process, as Coinbase is not in charge of Ethereum’s unstaking process.
• Coinbase will act as a channel to pass unstaked ETH to customers once released by the protocol.

Coinbase Expects High Demand for ETH Unstaking

Coinbase has announced that it expects a flood of staking withdrawal requests after the update to the Ethereum network enables the functionality next month. The Merge transitioned Ethereum from proof-of-work (PoW) to proof-of-stake (PoS) in September 2022, but stakers’ holdings remained locked up.

Unstaking Requests May Take Weeks or Months

According to Coinbase, unstaking requests on its platform may take the protocol weeks or months to process. This merger created a temporary situation where staking providers like Coinbase allow users to stake ETH on its platform — but not withdraw the funds. Expected to take place in mid-April, Ethereum’s Shapella upgrade will enable users to withdraw their staked ETH.

Coinbase Anticipates High Demand

Coinbase noted that it anticipates that demand for unstaking will be high soon after the upgrade and it may take the protocol weeks to months process unstaking requests. ETH holders can also stake more without being subject to an indefinite lockup period.

Staking Requests Processed On-Chain

Staking requests are processed on-chain, and Coinbase will only act as a channel to pass unstaked ETH to customers once released by the protocol.

NFT Ether Available

Owners of Ether can now collect this article as an NFTEther with a worth of $1,709 at current market prices on Ethereum +3.47%.