- This change should boost staked Ethereum user convenience and adoption.
- The total amount of ETH locked reached 19,375,242 ETH, a new record.
As on May 18, 2023, Binance will reduce the time it takes to process withdrawal requests for ETH Staking from 15 days down to just five.
While this change should boost staked Ethereum user convenience and adoption. It raises the question of whether the increased selling pressure on the ETH price will be offset by withdrawals of staked Ethereum.
Huge Boost for Investors
To boost customer service, the exchange also wants to further speed up the processing time. Depending on network requirements, the processing time may increase or decrease. Binance included additional terms, including the inability to rescind withdrawal requests.
This is great news for traders and investors who may wish to utilize their Ether for anything other than investing or spending on things like other cryptocurrencies or investments. There may be more liquidity as a consequence of this change. This might be useful for traders who often enter and exit positions. Since they will have easier access to their funds.
Binance’s decision to speed up the withdrawal procedure for ETH staking might boost demand for the cryptocurrency by giving Ethereum stakers more options.
This might encourage more individuals to stake their ETH. Thus, reducing the amount of ETH in circulation and thus increasing the price. It’s possible that other cryptocurrency exchanges may feel pressured to speed up the processing time for ETH staking withdrawals after Binance’s announcement.
The most recent Nansen data shows some intriguing stats for staked Ethereum. The total amount of ETH locked reached 19,375,242 ETH, a new record, as reported by the blockchain statistics and research portal.
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