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Bitfinex Customers Can Now Release Their Pledge and Withdraw ETH After Ethereum Shapella Upgrade

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On April 27th, it was reported that after the upgrade of Ethereum Shapella, Bitfinex customers can now release their pledge and withdraw their previously pledged ETH for the first

Bitfinex Customers Can Now Release Their Pledge and Withdraw ETH After Ethereum Shapella Upgrade

On April 27th, it was reported that after the upgrade of Ethereum Shapella, Bitfinex customers can now release their pledge and withdraw their previously pledged ETH for the first time, and unlock their ETH pledge rewards. If you want to release the pledge ETH2 or unlock ETH2Rewards, Bitfinex customers first need to use the currency conversion tool on the platform wallet page to convert their ETH2 or ETH2Rewards to ETH2Unstacking. Bitfinex customers need to input the number of ETH2 or ETH2Rewards they wish to cancel the pledge, and then select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” drop-down menu, and select “ETH2Unstacking ETH2U” from the “to” drop-down menu. After completing the conversion, its balance will be irreversibly converted to “ETH2Unstacking”, and based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.

Bitfinex releases a notice introducing the ETH for releasing pledges and the process for extracting pledge rewards after upgrading Shapella

Introduction

On April 27th, 2021, it was reported that Bitfinex customers can now release their pledged Ethereum (ETH) after the upgrade of Ethereum Shapella. Additionally, customers can now unlock their previously pledged ETH rewards. This news is significant for customers who have been eagerly waiting for an opportunity to release their pledge and reap the benefits of the ETH rewards. In this article, we will discuss how Bitfinex customers can release their pledge and withdraw their previously pledged ETH.

What is Ethereum Shapella and Why Was it Upgraded?

Ethereum Shapella is the latest upgrade to the Ethereum network. Shapella brings significant performance improvements to the Ethereum network, including faster transaction speeds and lower transaction fees. The upgrade was necessary due to the increasing congestion and scalability issues on the Ethereum blockchain. By introducing new features such as rollups, Shapella is expected to increase transaction capacity, reduce network congestion, and improve scalability.

How to Release Pledged ETH on Bitfinex

If you are a Bitfinex customer, you can now release your pledged ETH by following a few simple steps. First, you need to use the currency conversion tool on the Bitfinex platform wallet page to convert your ETH2 or ETH2Rewards to ETH2Unstacking. To do this, enter the number of ETH2 or ETH2Rewards you wish to release and select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” drop-down menu. Then select “ETH2Unstacking ETH2U” from the “to” drop-down menu.
After completing the conversion, your balance will be irreversibly converted to “ETH2Unstacking.” Based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH. Once your ETH is converted, it can be traded, withdrawn, or used however you please.

How to Unlock Previously Pledged ETH Rewards

In addition to releasing pledged ETH, Bitfinex customers can also unlock their previously pledged ETH rewards. To do this, follow the same steps as outlined above. Use the currency conversion tool on the Bitfinex platform wallet page to convert your ETH2Rewards to ETH2Unstacking. Once the conversion is complete, your balance will be converted to “ETH2Unstacking.” Based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH. You can now use your ETH rewards however you choose.

Conclusion

The ability to release pledged ETH and unlock previously pledged ETH rewards is a significant development for Bitfinex customers. With the Ethereum Shapella upgrade, customers can now take advantage of faster transaction speeds, lower transaction fees, and increased scalability. By using the currency conversion tool on the Bitfinex platform wallet page, customers can easily convert their ETH2 and ETH2Rewards to ETH2Unstacking and unlock the benefits of their pledged ETH.

FAQs

1. How long does it take to release pledged ETH on Bitfinex?
It may take up to ten minutes for the currency conversion to complete. Once the conversion is complete, your balance will be irreversibly converted to “ETH2Unstacking,” and your ETH will be available for trading or withdrawal.
2. Can I release a portion of my pledged ETH?
Yes, you can release any amount of your pledged ETH by entering the number of ETH2 or ETH2Rewards you wish to convert into the currency conversion tool.
3. What are the benefits of releasing pledged ETH?
By releasing pledged ETH, you can trade, withdraw, or use the ETH for any purpose you choose. Additionally, you can unlock previously pledged ETH rewards and take advantage of the benefits of the Ethereum Shapella upgrade.

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