Coinbase to Allow Cancellation of Pledge of ETH After Shanghai Capella Upgrade

03/16/2023 18:40 • Tech Ticker • 129 views

According to reports, Coinbase stated on Twitter that around 24 hours after Shanghai Capella upgraded to the Ethereum network, Coinbase will begin accepting requests to cancel the pledge, which will allow users to cancel the pledge of ETH. However, this does not mean that users will be able to immediately cancel the pledge of their ETH. Because Coinbase said, “The Ethereum agreement controls the process of canceling the pledge, and we are just pipelines. We cannot share the exact waiting time when you request to cancel the pledge.” Coinbase currently provides a 6.0% mortgage ETH annual return.

Coinbase: The request for cancellation of pledge will begin to be accepted 24 hours after the Shanghai Capella update

Analysis based on this information:

Coinbase, the leading cryptocurrency exchange in the US, has announced on Twitter that it will allow users to cancel their pledge of Ethereum (ETH) after Shanghai Capella upgrades its network. This move comes as Chinese blockchain project, Shanghai Capella, prepares to upgrade its platform to Ethereum 2.0 to enable staking, which will allow users to earn rewards through locking their ETH. However, Coinbase’s decision to allow cancellation of pledged ETH does not mean that the process will be instant. The exchange has emphasized that it is only acting as a mediator in the process, and the Ethereum network controls the process of canceling the pledge.

Coinbase has been providing investors with a 6% mortgage ETH annual return, which has boosted the adoption of Ethereum as an asset. However, some users may want to opt-out of the program if the returns are not satisfactory or if they need to access their ETH for other purposes. It is worth noting that pledged ETH remains locked for the duration of the contract, which could be two or more years, depending on the specific program.

The waiting time for canceling the pledge will depend on the network’s performance, and Coinbase cannot provide a specific timeline. This means that users should carefully consider their decision to participate in the program, as they may not be able to remove their pledge immediately. As with any form of investment, users must understand the risks and implications of the program before joining.

Overall, Coinbase’s move to enable the cancellation of the pledge of ETH is a significant step towards making the platform more user-friendly and flexible. By providing greater control and options to investors, the exchange can attract more users to participate in the program. However, users must be aware that canceling a pledge may impact their returns and long-term investment strategy.

Keywords:

1. Coinbase: A leading US-based cryptocurrency exchange platform.

2. Ethereum: A decentralized open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).

3. Canceling Pledge: The process of removing a locked Ethereum pledge from a lending program, which yields a fixed or floating interest rate over time.

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