Binance, the largest crypto exchange, has announced that it will reduce the processing time for Ethereum (ETH) Staking withdrawal requests from 15 days to just five days, effective May 18, 2023, at 08:00 (UTC). The move comes after feedback from the community and aims to accommodate users’ needs better.
However, Binance has noted that the processing time for ETH Staking withdrawal requests is subject to change depending on the overall amount of ETH withdrawals requested by participants and the Ethereum network. There will be no further announcements on changes to the processing time for ETH Staking withdrawals, where applicable.
Users will not be able to cancel their ETH withdrawal requests after submission. Additionally, BETH tokens locked in pending ETH withdrawal requests will not generate any ETH Staking rewards.
The expected distribution date of redeemed ETH will be displayed before users confirm their withdrawal requests, and redeemed ETH will be returned to users’ Spot wallets when their respective ETH withdrawal requests are fully processed.
To mitigate processing limitations on the Ethereum network, Binance will set a daily ETH redemption quota for each user, which will be subject to change. Binance will also actively work to further reduce the processing time for ETH Staking withdrawal requests in the future.
Binance CEO CZ Tweets About Surge In Locked Ethereum
Meanwhile, Binance CEO CZ has tweeted about the recent surge in Locked ETH, referring to Nansen’s tweet that Locked ETH hit an all-time high of 19,375,242 ETH.
The tweet went on to explain that this includes all ETH that is “out of circulation,” such as ETH staked on the Beacon chain, ETH deposited to the beacon contract but not validating yet, and rewards on the Beacon chain.
The tweet sparked interest from the cryptocurrency community, with some members commenting on the observation and noting that dips and fluctuations are a natural part of any market.
However, they also pointed out that the long-term trend of Ethereum’s locked ETH is steadily increasing over time.
Others suggested that the recent dip in ETH prices could be an opportunity for investors to take advantage of the situation and buy ETH from “weak hands” at a discount.
Regardless, the overall trend of Ethereum’s locked ETH is an important metric for the cryptocurrency industry and will continue to be closely monitored by investors and analysts alike.
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