Bitfinex Pledge Release: How to Convert ETH2 and ETH2Rewards to ETH2Unstacking

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process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.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

Recently, on April 27th, Ethereum Shapella underwent an upgrade, and as a result, Bitfinex customers can now release their pledge and withdraw their previously pledged ETH for the first time while also unlocking their ETH pledge rewards. However, to do so, customers must use the currency conversion tool on the platform wallet page to convert their ETH2 or ETH2Rewards to ETH2Unstacking. In this article, we will delve into the steps required to accomplish this process on Bitfinex.

Outline

1. What is Bitfinex?
2. What are Ethereum Pledges?
3. How to convert ETH2 and ETH2Rewards to ETH2Unstacking on Bitfinex
* Step 1: Access the Bitfinex Platform Wallet Page
* Step 2: Select the Currency Conversion Tool
* Step 3: Input the Number of ETH2 or ETH2Rewards to Cancel
* Step 4: Select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” Drop-Down Menu
* Step 5: Select “ETH2Unstacking ETH2U” from the “To” Drop-Down Menu
* Step 6: Complete the Conversion Process
4. Conclusion
5. FAQs

What is Bitfinex?

Bitfinex is a cryptocurrency trading platform that offers customers a range of services, including margin trading, spot trading, and derivatives, to name a few. Founded in 2012, the platform has since grown to become one of the most popular cryptocurrency exchanges worldwide.

What are Ethereum Pledges?

Ethereum Pledges are a feature of the Ethereum 2.0 protocol whereby users can lock their ETH tokens in a smart contract and receive rewards for helping to secure the network. A user who has pledged their ETH cannot withdraw or transfer it until the pledge expires or is canceled.

How to Convert ETH2 and ETH2Rewards to ETH2Unstacking on Bitfinex

To release the pledged ETH2 or unlock ETH2Rewards, Bitfinex customers need to use the currency conversion tool on the platform wallet page to convert their ETH2 or ETH2Rewards to ETH2Unstacking. Below are the steps involved:

Step 1: Access the Bitfinex Platform Wallet Page

The first step is to access the Bitfinex platform wallet page. Customers need to log in to their Bitfinex accounts to access this page.

Step 2: Select the Currency Conversion Tool

Once on the platform wallet page, customers need to select the currency conversion tool. This tool enables users to convert their ETH2 or ETH2Rewards to ETH2Unstacking.

Step 3: Input the Number of ETH2 or ETH2Rewards to Cancel

After selecting the conversion tool, customers must input the number of ETH2 or ETH2Rewards they wish to cancel the pledge on.

Step 4: Select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” Drop-Down Menu

Next, the customer must select either “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” drop-down menu.

Step 5: Select “ETH2Unstacking ETH2U” from the “To” Drop-Down Menu

In the next step, customers must select “ETH2Unstacking ETH2U” from the “To” drop-down menu.

Step 6: Complete the Conversion Process

Finally, customers must complete the conversion process. After converting their ETH2 or ETH2Rewards to ETH2Unstacking, the balance will be irreversibly converted to “ETH2Unstacking”. Once the unbinding process of pledged funds on the chain is complete, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.

Conclusion

The release of the Bitfinex pledge is a breakthrough for many customers who had previously pledged their ETH on the platform. Bitfinex’s currency conversion tool makes the process of unlocking ETH2Rewards and releasing the pledged ETH2 relatively easy for its customers. By following the outlined steps, users can release their pledged ETH2 or unlock their ETH2Rewards quickly and efficiently.

FAQs

1. What is the Ethereum 2.0 protocol?
Answer: The Ethereum 2.0 protocol is an upgrade to the current Ethereum blockchain designed to enhance its functionality and scalability.
2. Can I still pledge my ETH on Bitfinex after converting ETH2 and ETH2Rewards to ETH2Unstacking?
Answer: Yes, once you have converted your ETH2 and ETH2Rewards to ETH2Unstacking, you can still pledge your ETH on Bitfinex.
3. Is the conversion of ETH2 and ETH2Rewards to ETH2Unstacking irreversible?
Answer: Yes, once the conversion process is complete, the balance will be irreversibly converted to “ETH2Unstacking”.