Main navigation

Major Exchange Binance Will Support Ethereum (ETH) Shapella Upgrade on These Terms

Wed, 03/29/2023 - 09:27
article image
Gamza Khanzadaev
Binance will support Ethereum Shapella upgrade in April, but on these terms
Major Exchange Binance Will Support Ethereum (ETH) Shapella Upgrade on These Terms
Cover image via
Read U.TODAY on
Google News

Major crypto exchange Binance has officially announced support for the next big upgrade in Ethereum (ETH), Shapella. According to the latest data, this should happen at blockchain epoch 194,048, which corresponds to the date of April 12. The event will take place in accordance with the exchange's rules, a list of which has been announced by Binance.

Ethereum (ETH) Shanghai De-Risks Staking, Expect More ETH Locked, Top Analyst Chris Burniske Says

Thus, seven minutes before the approximate upgrade date, at 10:20 p.m. UTC, Binance will suspend withdrawals of both ETH and other tokens from the ERC-20 network. Trading in these tokens, however, will not be suspended. Further reopening of deposits and withdrawals of ERC-20 cryptocurrencies will be done without any notice. Of particular importance is Binance's increase in the minimum unlock count of deposits on the Ethereum network from the current 12 blocks to 64.

Ethereum, Shanghai and Capella

The Shapella upgrade is a merger of two events, Shanghai and Capella. Both involve the release of Ethereum (ETH) from its staking, the only difference being the layers. Thus, Shanghai is responsible for the execution layer (EL) and Capella for the consensus layer (CL). As Shapella approaches, the Ethereum Foundation has doubled the bug bounty, to $500,000.

Ethereum (ETH) Investors Bet Big on Next Upgrade's Success

It is known that the upgrade will release an estimated 2.9 million ETH. However, exactly how many tokens will come out of the staking and what will happen to those millions next is a big question.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.