Ethereum Shapella Upgrade Allows Bitfinex Customers to Release Pledge and Unlock Rewards

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process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.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

Outline

I. Introduction
– Explanation of Ethereum Shapella upgrade
– Announcement of Bitfinex’s new feature
II. What is Bitfinex?
– Brief overview of Bitfinex cryptocurrency exchange
III. What is a pledge?
– Definition of a pledge in cryptocurrency terms
– Importance of pledging in Bitfinex
IV. What is the currency conversion tool?
– Explanation of Bitfinex’s currency conversion tool
– How to use the tool to release pledge ETH2
V. How to unlock ETH2Rewards
– Step by step guide on how Bitfinex customers can unlock their rewards
VI. Conclusion
– Benefits of the Ethereum Shapella upgrade
– Importance of Bitfinex’s new feature

Ethereum Shapella Upgrade Allows Bitfinex Customers to Release Pledge and Unlock Rewards

On April 27th, it was reported that Bitfinex customers can now release their pledge and withdraw their previously pledged ETH for the first time, thanks to the upgrade of Ethereum Shapella. Additionally, they can also 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.

What is Bitfinex?

Bitfinex is a cryptocurrency exchange platform that was founded in 2012. It is based in Hong Kong and allows users to trade a variety of different cryptocurrencies, including Bitcoin, Litecoin, and Ethereum.

What is a pledge?

In Bitfinex, a pledge is a promise to keep a certain amount of cryptocurrency in your account for a specific period of time. Pledging your cryptocurrency can be advantageous as it can offer higher returns compared to just keeping your cryptocurrency in your wallet. However, pledging has its risks as the value of cryptocurrency can change at any moment.

What is the currency conversion tool?

The currency conversion tool is a feature on Bitfinex’s platform wallet page that allows users to convert their cryptocurrency between different types. In this case, it can be used to convert pledge ETH2 to ETH2Unstacking, which can then be converted to ETH.

How to use the currency conversion tool to release pledge ETH2

1. Log in to your Bitfinex account and go to the platform wallet page.
2. Select the “Convert” tab.
3. Input the number of ETH2 you want to cancel your pledge on and select “ETH2-ETH2X” from the “From” drop-down menu.
4. Select “ETH2Unstacking ETH2U” from the “To” drop-down menu.
5. Click “Convert” to confirm the transaction.
6. Your balance will now show in ETH2Unstacking.

How to unlock ETH2Rewards

1. Log in to your Bitfinex account and go to the platform wallet page.
2. Select the “Convert” tab.
3. Input the number of ETH2Rewards you want to unlock and select “ETH2Rewards ETH2R” from the “From” drop-down menu.
4. Select “ETH2Unstacking ETH2U” from the “To” drop-down menu.
5. Click “Convert” to confirm the transaction.
6. Your balance will be converted to ETH2Unstacking.
7. The unbinding process of pledged funds on the chain will convert your ETH2Unstacking balance to ETH, which can then be traded, withdrawn or used in other ways.

Conclusion

The Ethereum Shapella upgrade is a huge milestone for the Ethereum community. By utilizing Bitfinex’s feature, customers can take full advantage of their cryptocurrency investments. With the ability to release pledges and unlock rewards, Bitfinex is expanding its capabilities and making trading more efficient.

FAQs

1. Is it safe to use Bitfinex’s currency conversion tool?
– Yes, Bitfinex has state of the art security measures in place to protect user data and funds.
2. Can I reverse a currency conversion after it is complete?
– No, once the conversion is complete, it is irreversible.
3. How often can I release a pledge?
– You can release a pledge at any time, with no restrictions on frequency.