Ethereum underwent the major Shapella upgrade in April. This enabled strikers to withdraw their coins from the contract at validators. But the number of strikers who wanted to withdraw coins was so high that there was a huge queue. Binance has announced a solution.
Stopping the Ethereum strike is not possible immediately
Previously, withdrawing coins from the Ethereum (ETH) staking contract was not possible at all, as the announced upgrade was required. When it was completed, investors massively removed their tokens from the contract with validators, but unfortunately that didn’t happen easily. The application itself takes a number of days. Because the number of investors who took this step was so large, the process quickly took 17 days.
About 1 million ETH took off, but this was only a small part of the total. In total, 18 million ETH did not move.
Binance helps with ETH withdrawals
So the fear was not as necessary as expected, but it still takes a long time to get to your coins. Binance has come up with a solution. In a press release announces that strikers who do this through Binance can get their coins back after just five days. The exchange runs its own validators and allows customers to redeem their coins via Binance to strike. Outside of the platform, it currently takes 15 days to release tokens.
There are, however, a number of comments. For example, you cannot reverse the request to remove your tokens from the contract afterwards. You can, however, re-attach them after you have received them back. Also, the platform can only withdraw a maximum number of coins per day, which is why there is a limit for withdrawals.
Binance has been putting its best foot forward lately. For example, it recently announced that it was temporarily halting all withdrawals on the Bitcoin (BTC) network to give the network some breathing space.